April 2018 Single Family Residential (SFR) closed sales were down 9% from March 2018 and were essentially flat compared to the same period last year. The SFR median sales price improved 1.4% to $289,500 while the SFR average closing price improved slightly to $333,762 for a 0.95% increase from last month. 2018 sales are on the same pace as they were in 2017 at this time. Year to date close units are flat while market values push higher. The high rise and luxury market closings remain strong. Conventional financing dominated the closings and even FHA financing showed improvement this month. There is slightly more inventory than previously, but this market only enjoys 1.5 months of available SFR inventory and 1.3 months of Condo and Townhome inventory. Yet, with half of the available inventory being over priced – that translates into about two to three weeks of marketable inventory.
Residential Closings by Price Point
The three charts below clearly depict the shrinking inventory and closed sales for all residential homes below $250,000. The first chart illustrates how dominant sales were for properties below $250,000 and how those sales have steadily declines the past six years. Currently, sales between $250,000 and $750,000 account for more closings than all sales below $250,000. This is the first time since mid-2007 that this was the case. The second chart below highlights the strong momentum for sales between $250,000 and $500,000 while the third chart shows the same thing for all sales over $500,000.
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