My observations are summarized below:
|Last year: Jan 2-Feb 17, 2017 Richmond SFDs|
|LISTING COUNT:||248||DAYS ON MARKET:||322||0||27||8|
|This year: Jan 2-Feb 17, 2017 Richmond SFDs|
|LISTING COUNT:||87||DAYS ON MARKET:||278||0||42||13|
1, Sales in unit volume are down some 69% since last year. (Readers are cautioned to delay giving weight to this metric until about 60 days after month's end to allow for late reporting).
2. Both average and median sold prices were higher than list price last year, meaning the market was caught by surprise and was trending up. Now it is the opposite, but not to the same degree as the bull pressure last year.
3. Both average and median sold prices are lower than list prices this year. While it may be expected that the median prices would be lower than the averages due to skewing by extremely high end outliers, the median prices this year are lower by a larger amount as against the average than last year. Last year saw the median at 95% of the average while this year it is at 79.5%.
4. In analyzing the market's preferred price point, the median may be more informative than the average as to where the action is.
5. The median list price was much higher this year than last year, whereas the median sold price is less than the median sold price last year. This indicates to me that pricing was more out of whack for the market last year than now.