Homeowners have finally taken notice that the market is brisk and commanding top dollar.
New listings have surged nearly 9% this month compared to last October, and up from the 4.33% y/y increase in September. Below is the month-to-date breakdown per housing category, with the September y/y figure in brackets:
- Single family home: +5.82% y/y (+4.66% )
- Condo-Townhome: +21.34% y/y (+21.55%)
- Cond0-Apartment: +13.33% y/y (-7.26%)
Generally this would point to softening market conditions, but the increase in sales this month has easily absorbed the new inventory and active listings remain -20% below year ago levels.
Year-over-year so far in October, single family home sales are up 14.45%, Condo-Townhome +23.08% and Condo-Apartment +21.49%. In fact, sales have already surpassed last October’s month-end total.
The sales-to-new-listings ratio remains firmly above 70% for all three housing categories. Anything above 60% is considered a seller’s market.
Average price appreciation y/y for single family homes has slowed to a more stable 5% while the condo market has seen price growth accelerate.
Below are the month-to-date y/y price gains and September’s figures in brackets.
Single Family Homes
- Average price: +4.99% (+9.2%)
- Median: +5.58% (+9.02%)
- Average price: +16.03% (+2.95%)
- Median: +9.91% (+6.90%)
- Average price: +8.87% (+4.38%)
- Median: +10.76% (+9.13%)