Single family home sales this month are 23% ahead of the previous 10 year average.
New listings in the city are up a meager 1.82% y/y which is hardly enough to offset either the increase in sales or the -22.7% drop in active listings. The sales-to-new-listings ratio is at 75.5% signalling we’re still firmly in a seller’s market. As a result the average price has been pushed up 6% and the median 7% y/y.
Last October marked the beginning of a string of monthly records for luxury sales. Going forward, the y/y comparison for high-end transactions should be close and will help with the average price skewing that we have been seeing of late.
For example, month-to-date there have been a total of 26 homes that have sold for $1M or more. Last year during the first two weeks of October there were 24 sales. Compare that to:
- 2011: 17 sales
- 2010: 9 sales
- 2009 : 7 sales