The real estate market stayed consistent and strong as we moved into the second week of August. Statistics show a similar market between the second week of July and the second week of August. What stands out is the average Sale Price % to the Original List Price. The percentages consistently show that buyers were willing to pay 99% or more of the asking price for both July and August. With most percentages climbing over 100%, it is evident that multiple offers have continued to occur over the summer months, and I believe it is due to low inventory levels and the fact that interest rates have ticked up about 1%. It will be interesting to see what happens after Labor Day weekend. If we see a spike in inventory as we head into autumn, we may see multiple offers start to taper off.
SINGLE FAMILY HOMES ACTIVITY
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Second week of July (up to $1,000,000)
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Active = 0
Contingent = 0
Pending = 0
Sold = 5 ($729,000 - $990,000)
The average Days on Market for Sold properties is 24. The average Sale Price % to the Original List Price is 105%.
Second week of August (up to $1,000,000)
Active = 2 ($849,000 - $899,000)
Contingent = 3 ($739,000 - $848,000)
Pending = 1 ($750,000)
Sold = 3 ($753,000 – 970,000)
The average Days on Market for Sold properties is 31. The average Sale Price % to the Original List Price is 103%.
SINGLE FAMILY HOMES ACTIVITY
Second week of July ($1,000,000 or more)
Active = 8 ($1,085,000 - $4,200,000)
Contingent = 0
Pending = 0
Sold = 9 ($1,048,000 - $2,095,000)
The average Days on Market for Sold properties is 33. The average Sale Price % to the Original List Price is 107%.
Second week of August ($1,000,000 or more)
Active = 5 ($1,250,000 - $2,795,000)
Contingent = 1 ($2,835,000)
Pending = 1 ($2,795,000)
Sold = 8 ($1,038,000 - $2,775,000)
The average Days on Market for Sold properties is 77. This number is misleading since one of the properties that closed had a DOM of 415. If we throw that one out the average days on market would be 35. The average Sale Price % to the Original List Price is 99%.
CONDO ACTIVITY
Second week of July (up to $1,000,000)
Active = 0
Contingent = 0
Pending = 0
Sold = 2 ($532,000 - $555,000)
The average Days on Market for Sold properties is 50
Second week of August (up to $1,000,000)
Active = 0
Contingent = 0
Pending = 0
Sold = 2 ($425,000 - $810,000)
The average Days on Market for the Sold property is 28
CONDO ACTIVITY
Second week of July ($1,000,000 or more)
Active = 0
Contingent = 0
Pending = 0
Sold = 0
Second week of August ($1,000,000 or more)
Active = 0
Contingent = 0
Pending = 0
Sold = 0
STATISTICS TAKEN FROM BARIES MLS
