Trends At a Glance
|Aug 2009||Previous Month||Year-over Year|
|Median Price||$500,000||$540,391 (-7.5%)||$577,150 (-13.4%)|
|Average Price||$534,600||$545,152 (-1.9%)||$659,537 (-18.9%)|
|No. of Sales||162||178 (-9.0%)||157 (+3.2%)|
|Pending Properties||365||278 (+31.3%)||182 (+100.5%)|
|Active||723||746 (-3.1%)||1,271 (-43.1%)|
|Sale vs. List Price||98.5%||97.3% (+1.3%)||97.3% (+1.2%)|
|Days on Market||85||71 (+20.4%)||71 (+19.7%)|
Inventory Declines, While Pending Sales Continue to Rise
|Inventory of single-family, re-sale homes fell for the thirteenth month in a row in August, and it is now down 43.1% year-over-year.|
Pending sales, meanwhile, climbed 31.3% from July, and were up 100.5% compared to August 2008.
The median price for single-family, re-sale homes lost 7.5% in August. Year-over-year, the median price was off 13.4%
Sales of single-family, re-sale homes were up, year-over-year, by 3.2% in August. Year-to-date, home sales are up 16.6%.
Days of Inventory rose seven days to 129 days. In a balanced market, the supply of homes is usually around five to six months. For condos, the indicator dropped ten days to 176 days.
The sales price to list price ratio rose 1.2 points to 98.5%.
Condo sales rose 3.6% month-over-month, but were off 9.4% compared to last August. Year-to-date, condo sales are up 9.5%.
The median price for condos fell 28.1% from the month before, and was down 26.9% compared to last August. Don’t read too much into this as the small number of condo sales each month exaggerates the swings.
Condo inventory was down 35.4% compared to August 2008.
Pending sales for condos was up 35.8% year-over-year.
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 property, call me.