2017 Holiday – Mid Year Market Update

July 24, 2017
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# of Closed Sales: 15

Average Days on Market for Solds: 76

Median Sales Price: $655000

# of news listings: 2

Months of Inventory Last Month: 4

This Holiday Market Update focuses on attached units (condos and townhomes).  The majority of units and sales in the Holiday Neighborhood are attached units so the focus for the market update is on that segment of the market. 

The Holiday Market is very strong with sales in the first 6 months of 2017 on the same pace as 2016.  So far there have been 15 sales with a sales volume of $9,400,000, and a median price of $655,000.  This compares to a 2016 median of $535,500.  So far the median price in 2017 is 22 percent higher than 2016, a significant increase.      

Most of the properties are selling at or above list price, especially if they are priced less than $600,000.  Above the $600,000 price point most properties are still selling at list or close to list price.   

It is still a very strong sellers market, however some properties are not going under contract in the first week which generally means buyers do not have to pay over list price.  

I think inventory will remain low, prices will continue to climb but at a slightly slower pace in the last half of 2017.