This month we’ll look at the Year over year market for single family residences, SFR, from October 2015 to October 2016 to see how the market has performed. After peaking in August with 114 SFR sold, the number of sale’s dropped 32% in October to 78.

The median sales price fell 18% from $1,200,000 to $991,250. There has been a downward median price trend after peaking in January at $1,394,000. Please note that median prices are biased to the number of sales occurring at the margins but do offer a trend when seen in aggregate. In this case SFR prices are up 1% since October last year.

The average prices for SFR shows a 23% decline in sales prices year over year from $1,915,760 in October 2015 to $1,474,076 in October 2016. There appeared to be pent up demand in February when prices peaked at $2,351,295 perhaps buyers were influenced by the combination of low inventory and threat of higher interest rates. The high of the year somewhat mirrors the median price peak in January.