The median sale price for both single family homes and condo/TIC/lofts rose in May. The seasonal heating up of the market over the summer and low interest rates have encouraged buyers to jump back into the market.
While inventory levels continue to climb relative to 2018, they’re still objectively low, reflecting a continuing strong seller’s market. The percentage paid over asking price has dropped from last year’s levels for both homes and condo/TIC/lofts.
Compared with 2018, approximately 12% fewer homes have come on the market this year for single family homes, while sales have been exactly the same. Condo/TIC/Loft inventory is down 13% year-to-date, while sales are down 5%.
Finally, there has been a lot of anticipation of the 2019 IPOs and what effect they would have on our market. With the disappointing IPOs of Lyft and Uber, there is less expectation that IPOs will have a material impact on the market.