As the summer selling season draws to a close and we start to approach the holiday season, I wanted to give you an idea of our local market and the trends that are happening now compared to last year.
For single family homes and condo's, inventory is down in most area's which will tend to drive up prices. When X number of buyers are looking at Z number of houses, and X is greater than Z, that means bidding wars ensue (from buyers) which always end up pushing sale prices higher.
For single family homes, median sales prices went up this year 6.45% compared to the median sales price in 2014. The average days on market went up 3 days, to 25 days on market, compared to last years 22 DOM.
For condominium/town homes, the median sales…