Now that we have another full week of data to do a proper year-over-year comparison, we see that single family home sales are up to 523 which is an increase of +14.69% from last September. Meanwhile, condo sales are up +5.5% y/y.
Which method of pricing do you prefer to track? If it’s the average price, then SFH prices in the first 2 weeks of September are down -3.36%, from $472,675 to $456,801. Condo average prices are down -1.75%
If you give more credence to the median price, then SFH prices are up +3.17% from $402,250 to $415,000. Condo median prices are up +5.3%
What is the main reason the average price is exhibiting a negative price change? It can most easily be answered by looking at the luxury sales chart below:
Just as an exercise if we were to remove all the single family home sales that sold for $1m or more, the average price month-to-date in September 2011 would have been $431,914. This month the average price would be $437,047.
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