Sales Market Summary Q4 2014: This past October-December saw the usual end-of-year slow down, though the condo market stayed essentially the same volume-wise as the previous quarter. There were a total of 40 sales (12 condos, 4 THs, 24 detached) which was a large decrease (53%) vs. the previous quarter of July-September (13 condos, 6 THs, 42 detached) and a slight increase over Q4 2013 of 35 sales (12 condos, 7 THs, 16 detached). For most of the period, the number of active listings (all types) on any given day was in the low 30s and below that for December. This is very typical from mid-November onward. This reduced inventory will continue until we get to the Spring. There were 25 active listings as of mid-January.
For the year, there were 185 sales (55 condos, 21 THs, 109 detached) which amazingly is the exact number for 2013 (54 condos, 41 THs, 90 detached). We won’t ever see that happen again.
Condo and detached sales were similar between the two years but there were nearly twice as many townhouses sold in 2013.
There was one distressed sale for Q4, a condo foreclosure at The Madison (sold 9/18). It was the only one all year (all property types). While listed as a foreclosure, it sure did not look like one. The unit sold in just 7 days, at list price, and way above (33%) its 2014 tax assessment. The fact that we had one at all was a surprise given we’re long past the tough market of 2009-2011.
NOTE: Below #s are averaged.
*Days on Market: 16……A very fast sales cycle
*Sold Price: $427,479; 13% above 2013 Tax Assessed Value (TAV)
*Seller Subsidy: 33% had Seller Subsidy, average of $1,883
*Price Difference: $2,949 (Sold Price minus List Price)
*Days on Market: 32….Quite a bit slower than Q1-Q3
*Sold Price: $733,750; 11% above TAV
*Seller Subsidy: 25% had a seller subsidy; $250……Much lower than Q1-Q3
*Price Difference: $7,197….Much higher than Q1-Q3
*Days on Market: 46-57….much longer than Q1-Q3 (due to 6 overpriced listings)
*Sold Price: $861,767; 14% above TAV
*Seller Subsidy: 29% had SS; $4,072….Higher than all of Q1-Q3
*Price Difference: $21,763…..Much higher than Q1-Q3
Rental Market Summary Q4 2014: The rental market was much slower than the July-August time period which was quite active with 47 total rentals. For October-December, there were…..
*19 rentals (6 condos, 4 THs, 9 detached)
*Days on Market: 50 condo; 46 TH, 38 detached
*Price Ranges (Per month): Condo: $1675-2000; TH: $2400-4500; Detached: $2250-3300
Compared to the previous nine months, the days on market were much higher for all three housing types. Like the sales market, the rental market is not nearly as robust late in the year.
But there’s no good reason why it took so long for quite a few of these listings to rent. As with sales, not every listing rented at list price. The ones that took longer got lower rents.
As of mid-January, there were 16 Active rentals (11 condos, 1 TH, 5 detached). Quite a few of them have been for rent over 40 days so clearly things remain slow. An interesting development, the listings in Roosevelt Towers (we called them “permanent rentals”) are no longer shown in MLS. Recall there were typically 5 of them each month and had been in MLS for years. It’s a good thing they’re gone as they did not add any value to the discussion.
NOTE: Not all rentals are in MLS. Some are done privately or on-line (Craig’s List, Military by Owner, etc.). So the numbers here don’t show everything. However we’re confident they capture the overall trend.