I was wrong – kind of. In my April newsletter I opined: “The longer the crisis continues, the more likely it is that it will do long-lasting damage to the economy and the real estate market itself.” But, looking at the numbers in the chart below, you’d never know that we are now eight months into a global pandemic.
Median house sales prices are well over where they were a year ago. Condo prices are not down by much. Days on market (DOM) for single family homes is a brisk 28 and they are still selling at a slight premium to asking price (102.5%). The number of combined luxury houses and condos selling above $2.5 million is up substantially (177), as is the number of super luxury houses and condos (22). ...