Real Estate Market Overview
Reversing a two-month trend, the prices for
single-family, re-sale homes rose last month with median price
gaining 1.7% from July and the average price up 6.4%, reflecting a
larger share of sales being higher priced properties.
Year-over-year, the median price for homes was up
4.5%, while the average price was up 8.2%.
Sales of single-family, re-sale homes bucked
national and statewide trends by rising 3.4% from July.
Year-over-year, home sales were off 6.2%. Year-to-date, home sales
are down 8.7%.
Condo sales, on the other hand, were up 6.9% over
last August. Year-to-date, condo sales are up 5.5%.
The median and average prices for condos were up
2.9% and 11.3% respectively year-over-year.
The sales price to list price ratio for homes rose
0.1 of a point to 98.2%. The ratio for condos gained 0.2 of a point
Pending home sales were down from June, and were
down from the year before. Pending home sales dropped 20.3%, while
pending condo sales were up 9.7% year-over-year.
Inventory for homes was up 14.2% year-over-year.
This is the third month in a row inventory has been higher than the
Condo inventory was flat at 192 units from July,
but was up 12.9% compared to last August.
Some bright news was found in our Days on Market
indicator. Days on Market counts the number of days from when a
property is listed until it goes into contract. DOM for homes was 57
days in August, its lowest level since August 2007. DOM for condos
was 33 days, the lowest number we’ve seen since November 2005.
Remember, the real estate market is a matter of
neighborhoods and houses. No two are the same. For complete
information on a particular neighborhood or property,
click here or
call me at
(831) 423-SOLD (7653) or (888) 299-7653.