According to the National Association of Realtors® (NAR) existing home sales have fallen to a 3-year low. NAR Chief Economist Lawrence Yun attributes increasing home prices and rising interest rates as the cause for the sales decline. Meanwhile, the nationwide median existing home sales price increased to $264,800; a 4.2% increase from September 2017. Low housing supply has largely been cited as the primary cause for increasing values, but with sales volume at a 3-year low we may begin to see appreciation slow or decrease until equilibrium has been reached. If the local market follows the nationwide trend we can expect to see decreasing sales prices and longer time on the market before selling in the near future.
In the Bay Harbor Community micro-market median home sales (including condos, single family) were $515,000 as of 10/23/18; down 6% from a year ago. Properties that sold were on the market an average of 238 days. Thirty-eight residences in Bay Harbor have sold so far this year.