Two narratives have emerged in our housing market through 3 weeks of December with single family home and condo-townhome prices headed one way and condo-apartments trending another.
Single family home sales are 1% y/y and prices are at their highest level ever for the month. The average price is up 5.26% from last December while the usually more reserved median price has increased double that amount: 11.79%.
The Condo-Townhome market segment remains in high demand with sales up 54.4%. The average price has increased 8.49% while the median is up 20.86%.
What hasn’t followed suit with price gains are Condo-Apartments. While sales are up 4% from last December, prices have fallen: the average price is down -5.53% and the median is down -7.87%.
New listings for apartments are up 37.69% and has eased the sales-to-new-listings ratio below the 100% threshold. By comparison, SFH new listings are up only 1.3% with a ratio of 112.87% while townhomes are the deepest in seller’s market territory with new listings down -2% and a 147.87% ratio. Despite the new listings surge for apartments, the number of units for sale is -15% below what was available this time last year.
For both townhomes & apartments, we’re dealing with a relatively small sales sample which allows for easily skewed prices – but it’s something to keep an eye on in the coming months.
The high-end market is in a neck-and-neck sales race. A total of 33 homes have sold for $1M or more MTD, compared to 32 last December during the same period. December 2012 holds the monthly record with 39 luxury sales.