Home sales continued to see strong increases in the 1st quarter 2016, which in turn resulted in increases in the median sales price. The number of sales in the first quarter stood at 117, that’s an increase of 24.47%. The median sales price showed an impressive 9.16% increase, to stand at $292,000.
The most impressive figure in the quarter was the median days on market (time taken for home to go under contract) which declined 42% year over year, to stand at just 29 days.
Median Sales Price: $292,000 up 9.16%
Total Sales: 117 up 24,47%
Median Days on Market: 29 down 42%
If we look at the sales data for each property time, we can see that there were more single family homes, and townhomes sold, while condo sales remained flat. This increase in more expensive home sales resulted in the overall median sales price increase, while the underlining sales price did not actually change that much. In fact the median sales price for townhomes actually declined over 9%, while single family home prices and condo prices each increase between 1 and 2%.
Single Family Home Sales
Median Sales Price: $330,000 up 1.36%
Total Sales: 73 up 25.86%
Days on Market: 33 down 34%
Median Sales Price: $221,950 down 9.62%
Total Sales: 36 up 24.14%
Days on Market: 22 down 53.19%
Median Sales Price: $166,000 up 1.84%
Total Sales: 7 No Change
Days on Market: 49 down 51.96%
To sum up, it is encouraging that homes are selling pretty fast, with the time taken to sell a home continuing to fall and the number of homes sold is increasing. On the other hand home prices have not changed that much over the last year, in fact townhome sales prices actually declined in the quarter.