Closed sales of properties during August increased 5 percent to 719 homes from 685 homes in August 2017. Inventory during August also rose by 2 percent and was driven by a surge of 218 more properties added to the market in the two lowest price categories reported, compared to August 2017.
Overall pending sales in August fell 3 percent; but pending sales of condominiums in the $500,000 to $1 million price range soared 28 percent in August. And pending sales for single family homes above $300,000 increased as well, with an impressive 62 percent increase for single family homes in the $2 million and above price category.
Overall median closed prices fell 3 percent in August to $319,000 from $328,000 in August 2017, and it fell 13 percent for properties above $300,000 to $446,000 from $510,000 in August 2017. The only place prices increased was in the $500,00 to $1 million condominium market, which saw a 13 percent increase to $672,000 from $595,000 in August 2017.