March is the strongest month of the year so far in 2017. SFR sales activity maintains its positive trend. Condo sales volume and median sales price experience a big jump of 35.9% and 22.6%, respectively.
SFR sales volume is up 8.8% compared to March 2016 and up 5.9% year-to-date. Median sales price is up to $211,000, a 0.5% increase from March 2016. Sales prices for new construction are also up 6.9% when compared to March 2016. The average sold-to-list ratio for Single Family Residential sales in March was 95%, flat compared to the same month in 2016. SFR inventory is up seasonally but remains tight as inventory is down 4.3% from 2016.
Condo sales activity and the median sales price increased 35.9% and 22.6%, respectively, compared to March 2016. Year-to-date, condo sales are up 22.6% and condo median sales prices are up 11.8%. Condo inventory continued to tighten as inventory is down as compared to prior year levels: down 6.1% compared to March 2016. It is expected that inventory will increase slightly over the next six months due to seasonality. The average sold to list ratio for condo sales in March was 94%, up 100 basis points compared to the same month in 2016.
Residential lot sales were up 7.8% in March compared to 2016. However, the median sales price dropped to $52,500, down 0.9% compared to the same month in 2016. Sold to list ratios are up to 82%, up 100 basis points from March 2016.
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