What happened in January?
After an explosive 2018 (read the 2018 Annual Report), 2019 was off to a solid start with 39 sales totaling over $82 million in dollar volume. Both stats exceeded numbers from Dec 2018 by 22% and 24%, respectively. While the average sales price ticked up slightly to just over $2.1 million, the median sales price increased significantly in January, up $300,000 to $1.335 million, representing the third highest median sales price in the past 12 months. Properties that closed in January did so at an average of 95% of their list price, a drop from the 96-98% levels seen throughout all of 2018. Only 5 properties sold at or above list price in January, a number that could reach as high as 20-25 in some months in 2018. January saw an unusually high number of single family homes sales, representing nearly 60% of all sales. Land sales were predictably low, recording just 3 vacant land sales in January. There were 5 sales over $3 million in January, including an 8,300 sq ft house in Indian Springs that was listed for $15.5 million. It’s interesting to note that there have been at least 5 sales/month in this high-end price range ($3MM and above) for the past 10 months.