September 2014 Real Estate Statistics - Frank Binder's Overview
Thursday, 09 October 2014, 02:27:56 PM
We’ve scaled back from the heady heights of summer to a more real and cooler September. Still steady and strong Listings and Sales though compared to a year ago.
I think some Sellers got the message that Sales Prices were on the rise and decided to list their homes in September as our Listings increased by a whopping 14%. However before we get too excited about that fact we must realize that overall listings still remain down by 3% on the year.
The good news is that the Average Sales Price while taking a modest jump to $192,983 for the month has settled at $191,877 for the year and will likely hover near or around that based on increase supply of listings.. Thet upward trend of Sales to Listing Ratio seems to have softened as well having settled at a rock solid 59%, just below the Seller’s market territory of 60%. Even a cursory look at Sales to Listing Ratios by Area reveals that it has settled on an area by area basis.
Residential Sales remain static with a drop of 1.13% for the month but on an annual basis stays within one half of one percent of last year. However, dollar volumes continue to exceed last year by 6% reflective of the increase in Average Sales Price. It is anticipated that, barring any dramatic economical change in our area, we should continue along the path of strong but static sales and very little change in our Average Sales Price throughout the remainder of the year. However, if the area continues to get job announcements we should expect that our market will continue to strengthen. A basis for this is already seen in the new house market who have rebounded to new levels they have not seen for some time. The price differential between new and existing has narrowed, making building new a realistic alternative.