Just in, market data for December and looking into the future of 2018 trends. 2017 marked a new record high for the number of homes sold for higher average and median prices than ever before. Closed volume set a new record too in 2017 topping $25 billion – up from $9.9 billion in 2011.
Year to date, 57,788 total homes sold this past year which is up 2.93 percent from 2016. In the single-family home market, the average sold price increased 1.4 percent month over month to $484,596, while the median price increased 2.47 percent to $415,000. Both the average and median year-to-date sold price set new record highs with the average sold price at $480,140 for the single-family home market (up 8.69 percent from last year), and the median sold price at $410,000 (up 7.89 percent from last year). Year to date, the average and median sold price in the condo market increased to $318,904 (up 10.04 percent from last year) and $270,000 (up 12.15 percent from last year) respectively. As the rate of price growth continues to slow, affordability applies pressure on the housing market, more opportunities will present themselves to homebuyers.
Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In December, 118 homes sold and closed for $1 million or greater, down 19.18 percent month over month and up 24.21 percent year over year. The closed dollar volume in December for all luxury residential was $179,985,046, down 17.97 percent month over month and up 34.66 percent year over year.