Homes priced at $500,000 and below accounted for 146 year-to-date sales in January, with more than 1,000 active listings available in that price range.
Overall, the new year opened with stable single-family home sales, down 1.0% year-over-year to 194, while condominium sales declined 4.8% year-over-year to 297.
Single-family homes moved at roughly the same pace as last January, at a median of 27 days on market compared to 25 days a year ago. Condos spent more time on market, as the January median days on market increased to 47 days, up from 39 one year ago.
In both markets, the median sales price showed modest movement. The single-family home median price increased 0.2% year-over-year, while the condo median price dipped 1.9% to $529,000.
Nearly 60% of single-family homes in January were sold between $800,000 to $1,399,999. This price range also saw the highest share of sales closing at or above the original asking price. Condo sales were relatively steady across most price points, though activity dropped the most in the $700,000 to $899,999 range, down 29.8% year over year to 40 sales. Across all price points, condo sales generally closed below the original asking price.
Single-family homes saw higher buyer competition, with approximately 31% of sales closing above the original asking price, compared to 23% last January. In the condominium market, 7% of sales closed above asking price in January, down from 10% a year ago, with most condo sales closing below the original asking price.
Pending sales activity showed positive movement in both markets to start the year. Single-family home pending sales rose 14.4% year-over-year, while condominium pending sales grew 5.0%. January recorded 239 contract signings for single-family homes and 375 for condominiums.
New single-family home listings recorded a 2.1% uptick year-over-year in January, rising from 336 to 343. In the condominium market, sellers brought fewer new listings to market, with 696 new listings compared to 739 a year ago, a 5.8% decline. The $300,000 to $399,999 price range accounted for the largest share of new condominium listings and recorded the greatest year-over-year increase, rising 16.8% from 107 to 125.
Compared to last January, the single-family home market offered buyers fewer choices, as active inventory declined 8.2% year-over-year to 674 listings. Condominium buyers had more options, with active inventory rising 5.8% to 2,210 listings at the end of January.
