February was a month of change in real estate market.

Home sales took a hit, dropping 16% from February 2022’s median sales price of $2.6 million. The days on market for houses climbed to 33 days, up from 20 days the same time last year. Although 100.39% of houses sold at list price, there were 40% fewer homes sold compared to February 2022. The current on-market count is 42 homes, significantly down from the 120 on the normal market.

On the flip side, condo prices fared better than home prices in February; with a median price of $1.25 million, an increase of 35% from February 2022’s median sales price. Condos also sold 2.5% less than list price and spent about 61 days on the market compared to 12 days in February 2022 when they were selling over 7%. Despite this, there were only 12 closed condo sales with only 5 properties currently on the market compared to 50 normally available.

The low inventory coupled with multiple offers and overbidding situations are keeping favor in favor of sellers in March 2021; however it will be interesting to see how things develop over the course of the month and into April as more data emerges.