May 2019: Residential Real Estate

The prices of local homes advanced to the $300,000 mark last month. More homes were on the market now compared to last year. The median price for sold existing single-family homes stays at $300,000, which is 1.3% higher than in February and 7.1% higher than last year. There is also an increase in the median price for the selling of local condos and townhomes compared to last month and last year. The prices of local homes are still appreciating but at a slower rate.

The number of houses sold increased by 7.8% compared to last month’s -14.9%. This is the same with the number of condos sold which is currently at 12.4% compared to -6.6% last month.

As per GLVAR President Janet Carpenter, “We’ve been hovering around $300,000 since September but it has dropped below and it has not gone above. Sales have been slowing down since September. They’re lingering on the market.”