Over the year, the monthly sales average about 200. That means 200 sales of any variety of property type (condo, townhouse, or detached home). You’d expect to see numbers which give people several options to choose from when house hunting in any given price range, but lately, numbers have been so low that people spend months waiting for the right property to come along. Let me show you some numbers:
In 2011, here were the total sales for the year by property type:
Condos/Coops: 1,203 (~100 per month)
TH: 245 (~20 per month)
Detached Homes: 934 (~77 per month)
Now look at inventory levels compared to the past few years:
Detached Homes
January 2012: 174
January 2011: 162
January 2010: 193
January 2009: 310* (“bottom” of our market)
Townhomes
January 2012: 42
January 2011: 40
January 2010: 46
January 2009: 78* (“bottom” of our market)
Condos/Coops
January 2012: 224
January 2011: 299
January 2010: 336
January 2009: 375* (“bottom” of our market)
You can tell, there’s usually more condos on the market than any other property type, and townhomes are always in demand because there are so few of them around (believe it or not!). It’s hard to put a “normal” label on property types, but I would venture a guess to say you can expect the following ranges for property types:
Condos: 250-300
TH: 40-60
Detached Homes: 150-200