The number of closed sales continued to increase for single family homes and condos in August, as it has been steadily increasing since May 2020. For single family homes in August, there were twice the number of closed sales for homes priced over $1,000,000. These sales represented 33% of all single family home sales last month. The majority of sales, over 60%, of single family homes sold in the $500,000 – $999,999 range. For condos, 30% of the units sold were $1,000,000 or more, and 33% of units sold were between $500,000 to $999,999. The number of condos that sold at the price point of $1,000,000 or more almost doubled last month when compared to July.
The median sales price for condos continue to trend upward, as it has since June 2020. Since last year at this time, condo prices have increased 7.8%. For single family homes where there has been little to no change in median sales price since May, this past month we saw a slight decrease, and an increase of just 0.2% since last August.
Last month we saw a steep increase in the number of new listings for condos, but a decrease in the number of new listings for single family homes. New condo listings jumped from 194 in July to 264 in August, almost 50% of these condos were priced between $500,000 – $999,999. For single family homes, the number of new listings dropped from 129 in July to 108 in August, 50% of these homes were priced $1,000,000 or more.
The number of new listings continues to climb as it has since April 2020, and the number of closed sales has also been steadily increasing keeping inventory low. The low inventory combined with the historically low interest rates is creating competition for buyers and opportunity for sellers.