Even with the financial market volatility seen throughout the month, prices continued to climb. The median price in the area reached an all-time high for February, increasing 7% to $595,000. The average price was also up 4% year-over-year. Condos & co-ops saw the most pronounced gains, while single-family homes saw a 10% decline in their average price.
Buyers were quick to purchase despite these peak prices. While the average time on market was slightly higher overall, properties on the market for just ten days or less before entering contract had the most market share. Listings that weren’t grabbed up in the first two weeks held on for a bit, but more than half still sold in under 30 days. As expected in a fast-paced market, discounts were limited with a 98.2% average sale-to-list price ratio. Looking at submarkets, median and average prices were up in every neighborhood. Median prices were up 6%, a result of the lower end of the market getting more expensive.
Significantly fewer single-family homes were listed this month, which contributed to the 13%decline in new listings overall compared to this time last year. The homes that were listed, however, were significantly larger and commanded higher prices.
