No surprise here. The record smashing inventory year continues the trend with yet another peak month. A difference of 800 listings from August of last year and 344 from the closest contender, August 2011. That's a substantial increase!
For the second consecutive month, sales have jumped back into the annual trend pile, even if it's at the bottom of that pile. Large amounts of inventory may have made it difficult for buyers to choose a home, but interest rate increase and need may have influenced the commitment.
Well, well, well. Just as I start talking about how sales performance has been improving, we see the average sale prices. Is it coincidental that the average sale price takes a dive and sales are finally up? I don't think so. Nearing the end of the summer pushes motivated sellers to make some tough decisions with regards to their property. The end of the spring contract with their sales representative is almost at an end and there are choices that need to be made. Do I change representatives in hopes a new company/person will sell my property? Do I reduce my price to make it more attractive? Do I rent the property until the market reflects what I want for my home? On, and on, and on. I would guess that at this point of the sales year, and by the stats, that many sellers have opted for reduction. Whether further down from previous reductions or after a change in representation. Either way, things look to be improving for now but the question remains, was August a result of a below average spring market, a fluke, or the start of the market upswing? Only time will tell...
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Jeremiah Wallace, CD
Jeremiah has been involved with many aspects of the Real Estate industry for over fourteen years. This includes construction, residential renovations, interior design, and investing in various income generating property products..
Photo's by Jeremiah