Sales of bank-owned properties continues to dominate the market. The good news is that people are snapping them up. The bad news is, theses sales are driving statistical prices down. Condo sales fell 8.9% from June, and were down 13.6% year-over-year. The median price for condos lost 13.1% from June, off 37.8% year-over-year.
These numbers can, and do, swing wildly because there are so few condo sales. The time it takes from when a home was listed for sale to when it was put under contract was flat at 103. The average days on market for condos rose 18 days to 122 days.
The sales price to list price ratio for single family home rose 0.5 of a point to 97.1%. The condo ratio gained 2.4 points to 97.8%.
The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or for an evaluation of your home's worth, call me.
Data provided by RE Report
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