District 5 Market Snapshot. Above is an infographic for February 2015.
February 2015 Market Snapshot
We noticed a small increase for Days on Market from January to February. The average days on market for January was 22, and in February it was 31. We also saw a minimal decrease in the median sales price (month over month). In January the median sales price was $2,656,125, and in February it was $2,039,707.
Condos / TIC's:
Condos out performed Single-Family homes month over month. We noticed a decrease for days on market from 46 in January, to 28 in February. Another strong performance for condos as we saw the median sales price rise from $1,023,444 in January, to $1,122, 312 in February.
The Take Away!
We are seeing a minimal increase in inventory across District 5. Single-Family homes are seeing higher days on market which means they are taking slightly longer to sale. Condos are performing better right now and continue to move but are also seeing a small increase to days on market as well. With that being said, it's a bit too early to determine if we are seeing a shift from a true sellers market to a more balanced market between buyer and sellers.
It seems that homes priced in the higher-end market of $2.5 million and above are taking a bit longer to sale as well.
*Pricing a property correctly is one of the most important strategies for a successful sale.