What happened in January?
The New Year was off to a very strong start from an inventory perspective too, as 55 new listings hit the market in January. Unusually high for this time of year (Jan 2018 saw only 39 new listings), January saw the most new listings since Aug 2018. Dollar volume of the new inventory topped $100 million for the second month in a row. After peaking at nearly $2 million in Dec 2018, the median list price dropped back down to $1.12 million in January, closer to typical levels seen in 2018. The average listing price also dipped after a high of nearly $3.3 million in December (thanks to several high end listings entering the market in late 2018). While a similar number of new high-end listings ($3+ million) entered the market in January (11 vs 12 in Dec 2018), the “local’s market” saw the largest surge in inventory as 22 new properties came onto the market. This is the highest level of new inventory seen in this price point since Aug 2018 – great news for local buyers, who struggled with limited available inventory for much of 2018.