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Competition Continues To Set Records
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July 2022
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Median Prices appear to be leveling in 2022 and are still above last year. July median prices of $1,108,000 for homes and $500,000 for condos are up 11% and 6% from last year, respectively. Median prices continue to face upward pressure from strong demand, low inventory, and competitive market conditions, even as they moderate.
Sales in July are down from last year, -24% for homes and down -25% for condos over July 2021. Year-to-date, home sales are now down -11% from last year, while condo sales are flattening, up 2%.
Bid-ups eased in July, yet are still at very high levels; 49.4% of homes sold in July, and 36.5% of condos sold were bid-up over asking price. Bid-ups are a result of competitive bidding and are an indicator of strong demand. These competitive market conditions point to rising prices continuing through 2022.
| SINGLE FAMILY HOMES | This Month JULY 2022 | Last Month JUNE 2022 | Last Year JULY 2021 |
|---|---|---|---|
| Median Sale Price | $1,107,944 | $1,105,000 | $1,000,000 |
| Average Sale Price | $1,334,905 | $1,377,117 | $1,268,971 |
| Homes Sold | 314 | 368 | 416 |
| Median Days on Market | 12 | 11 | 10 |
| Bid Ups | 46% | 63% | 65% |
| CONDOMINIUMS | This Month JULY 2022 | Last Month JUNE 2022 | Last Year JULY 2021 |
|---|---|---|---|
| Median Sale Price | $500,000 | $535,000 | $470,000 |
| Average Sale Price | $590,701 | $631,813 | $539,899 |
| Condos Sold | 519 | 629 | 674 |
| Median Days on Market | 12 | 12 | 12 |
| Bid Ups | 37% | 43% | 36% |
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