Sorry for the delay. This was from my September Monthly Market Update:
Summer's over and everyone is back to their tasks at hand... kids are in school, the beach gear is packed in the garage, and all the much-beloved distractions of summertime at the shore are put on the shelf till next year. Typically, this is a season when we see a good number of new homes enter the market as well as buyers who now have some time to consider what their next move will be. How 'bout you? Be sure to give me a call if you're thinking about moving. A quick pulse read on our market: Taken as a whole (including all the towns included in this market area*) here's how our area has fared over the past 6 months when compared with the same period last year**:
- Unit Sales: down 23%
- Average Sales Price: down 6%
- Available Inventory: up less than 1%
- List-to-Sale Price Differential: less than 1/2%
What this means: The most important factor is obvious: there are fewer buyers out there with almost 1/4 fewer homes sold. But while prices are down, average values have not dropped as much as most people seem to think... less than 6% from a year ago. And while this is no cause for celebration, it certainly puts our market forces into perspective: we're experiencing a cyclic slowdown, not a market meltdown. In addition, the available inventory is holding steady (about the same number of homes as last year) and the percentage of the asking price that homeowners are getting is about the same as 12 months ago.
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