Let’s take a look at the residential real estate market for the month of September, as well as the 3rd Quarter, as compared to 2020.
Detached Home Sales September/3rd Qtr
· +4.9% in Units from 81 to 85/+10.8% from 268 to 297
· -36.8% in Marketing Time from 68 Days to 43/-61% from 82 to 32
· +12.7% in Sales Price from $323,765 to $364,836/+13.1% from $326,125 to $368,737
Attached Home Sales September/3rd Qtr
· -6.1% in Units from 33 to 31/+12.4% from 97 to 109
· +22.5% in Marketing Time from 58 Days to 71/-45% from 60 to 33
· -0.1% in Sales Price from $202,259 to $201,996/+11.9% from $195,744 to $217,824
· 181 Active Residential Properties
· 232 Contingent Residential Properties
· 3.2 Months Inventory = Seller’s Market
· The month of September is the first this year that we’ve seen a decline in the Attached category.
· For the third month in a row we are at 3 months of inventory indicating a loosening of the market.
· Month over month unit volume supports the theory of the market loosening.
Although we are still in a seller’s market, inventory has stayed very steady over the last three months. I dove a little deeper into the statistics this time, looking at month over month unit volume from the beginning of the year. The last time there was a drastic percentage increase in unit volume was June as compared to May. July, August, and September have each shown a percentage decrease in unit volume, which is hopefully an indication that the frenzy we’ve been experiencing this year is balancing out. Typically the 4th quarter is the busiest for settlements as people are trying to get closed before the end of the year, so we’ll see what those numbers tell us in January.
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