The number of sales dropped 20% since last year but median sale prices have risen again. Last year was a crazy year of sales and things have now normalized.
Despite the Year-over-year sales drop, the last 4 months have remained steady - The average number of single family homes sold (March through June) was 346 and the average number of condos sold was 664. This volume is comparable to pre-pandemic levels! Although pre-pandemic, homes stayed on the market twice as long.
While sellers are receiving their full asking-price or more, we did see price corrections in the active inventory. Buyers are reevaluating budgets and strategies as interest rates are rising quickly. Also, the active inventory is still a fraction of what was available in 2019.
Compared to last June, sales of condos in the $700,000 - $900,000 price range have doubled. For Single-family homes in June, most of the sales (29%) took place in the $1 - $1.5 million price range.