by Gary Woods
Through the end of January sales of single family homes is about 23.5% down from 2013 while the median sales price for those homes is up to about $1.25 million from approximately $850,000 last year (a 48% increase). For condos, sales are down roughly 27% with the median sales price up about 45%. Of the single family homes that sold for the month roughly 15% of those sales were over the asking price and for condos that number was about 16%. The average over asking price for homes that sold was about 6% and for condos that number was about 2%.
At the beginning of 2014 sales of both single family homes and condos is down substantially while the median sales price for both segments is up. For 2014 the real estate market is still dependent on the inventory. If the listings start increasing then the numbers of sales will rise and the median sales price will moderate. But, if listings remain stagnant then sales will decrease but the median sales price will continue to go up.
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