The real estate market reports for the first quarter of 2015 are in. The median sales price increased 4.6% to $920,500, compared to the same quarter last year, which is the highest first quarter in a decade. The number of sales increased slightly, 2.5%, to 541, which is still the highest first quarter sales volume in eight years. The average sales price increased 3% to $1,761,028, the highest first quarter average sales price in seven years. Inventory is tight, slipping 3.5% over the same period last year.
The luxury market (the top 10%, which in this case are properties priced at $3,650,000 and above) showed mixed results. The luxury median sales price slipped 2.7% to $5,500,000 , while the luxury average sales price rose 6.5% to $7,898,649, compared year over year. The biggest sales growth was in the $1M to $5M sector: this represents 37.9% of the sector and the number of sales increased 7.3%.