This year our residential real estate market has started slower then anticipated. Here are the numbers for condos and single family homes from January 1 until March 31, 2018. Here is the residential real estate market report for the first 90 days.
The numbers of closed sales are down a 14% to 84 closed transaction so far this year and the total sales volume is down by 23% to $41,914,000 US Dollars. That represents a decline of 23% for the first 90 days of the year.
Pending transactions are also down a 13% to 125 accepted offers so far this year. That will also reflect in the future with a lower number of closed transactions.
Now let’s see how the numbers look like for the condo and single family home market:
From the beginning of 2018 to the end of March, 2018 the total number of closed transactions for condos were down by 37% to 34 units. The total sales volume was down by 18% to $18,666,000 US Dollars. The average sales price was surprisingly up from $378,000 to $490,000 US Dollars. That is an increase of 29%. The median sales price for condos is also up by 24% to $230,000 US Dollars.
The single family market did a bit better then the condo market. The total number of closed transactions is up by 13%, while the total sales volume is down to $25,249,000 USD. That represents a decrease of 25% compared to the same period last year. The average sales price is also down a staggering 34% to $505,000 USD.
Total numbers of closed sales for properties above $1,000,000 US Dollars were down 68% to 6 closed escrows. The total sales volume was down by 51% to $18,015,000 US Dollars. The average sales price was up 55% to $3,003,000 US Dollars. Obviously with such a low number of closed sales the average sales price varies a lot. But even the median sales price for million plus condos and homes is up by 13% to $2,368,000 USD.
The market for properties below one Million US Dollars is much better then the million plus market. Although the total number of sales are down but not as much as the million plus market. The total numbers under contract went down by 7% to 109 accepted offers. Total units sold were down by 6% to 74 units and the total sales volume was up by 23% to $21,880,000 USD. The average sales price for condos and homes was up by 31% to $296,000 USD.
If you would like to receive an update on a specific residential real estate market report for a neighborhood, please let me know and I’m more then glad to provide you with the numbers.