Brace yourselves. There’s a very real possibility that single family homes will reach a new peak for average and median prices this month.
Through three weeks the average & median price are sitting at $517,926 and $440,050 respectively. The current average price record was set in July 2007 at $506,671 while the median peaked in June 2007 at $438,000.
Standing inventory is down -25.52% from last year and new listings coming on the market this month have lagged by -5.88% y/y. Meanwhile sales are tracking 3.94% ahead of last February’s pace.
No doubt helping boost average prices are the 50 properties (47 SFH & 3 condos) that have sold for a million or more so far this month, blowing past all previous February month-end totals.
By way of comparison, in June 2007 there were 48 total luxury homes sold and in July 2007 there were 61.