June 2014 Market News
Condo and town home sales have ended the first half of the year with 60 closings for a total of $17,695,335 including just two distressed sales. This was just under a $1mil short of the same period last year which included 17 distressed sales. Sale so far this year represent an average discount off asking price of 6.5% verses 7.3% a year ago. Average price is up 7% and median is up 4%. As we approach the busiest time of the year another 13 condos and town homes are under contract totaling $3,293,900.
Single family homes sales experienced only 30 sales totalling $23,029,850. This is down significantly from the same period last year of 54 sales and $40,616,955 in volume. Again, lack of inventory in the first half of the year is to blame. With 14 homes totalling $14,877,500 under contract and 100 new listings since May 1st single family home sales should gain incredible momentum this summer. Both average and median prices are up slightly and average reduction off of asking is half what it was the same period last year. You may search all available inventory by clicking here.