Compared to last year, Condo sales remained virtually unchanged this April, registering 579 transacations compared to 581 last April (-0.3%). SFH sales were down 5%, with 1290 sales this April compared to 1363 last year.
Average & Median Prices
Month-over-month, both SFH average and median prices increased by 1%, to a SFH average of $426,311 and a median of $380k. The average and median prices dropped in sync compared to last year, with each dropping 10%.
The condo average fell 2% from March to $277,953 – an 11% drop from April 2008. The condo median price in April was $251,000, (-3% from March, and -13% from April 2008)
Balanced Market in April
Month-end inventory was down nearly 40% for SFH’s and down 36% for condos year-over-year. This decrease in inventory and similar sales volume compared to last April brought the absorption rate for SFH’s to 3.2 months, and 3.5 months for condos – technically a balanced market for the month.