Active Residences (Current Inventory)
Active residences (current inventory) – Last month I wrote, “The supply of homes should continue to decrease into the end to the year.” It appears that inventory has, in fact, begun the annual downturn into the end of the year. As that trend continues, buyers will have fewer homes to choose from. Inventory is at 500 homes on October 5, and has decreased 12% since the high of 569 in July.
Median Prices
3 & 12-Month Median Prices. The 3-month median price decreased from July to August by $15,000 from $450,000 to $435,000. The September price increased modestly, rising to $440,000. These up and down bounces have become the new normal. I don’t think that will change anytime soon.
Median Days on Market For homes sold over the past 30 days
Median DOM (days on market - the time it takes for 50% of homes to leave the market for homes that sold over the past 30 days). Last month I wrote, “Homes are staying on the market longer now and these numbers should increase monthly into winter.” The median number of days that homes stay on the market took another jump this month, rising from 38 days on Sept 7 to 51 days on October 5, and the range for the month was 32-54. This is the normal seasonal pattern.
Number of Homes Pending in the Past 30 Days
Number of pendings over the last 30 days, close-up. The burst of buying energy in August carried over to September and early October. The number of homes pended over the past month remained the same as the previous month at 120 homes. This is a relatively common market dynamic in the latter stages of the annual buying cycle. These numbers should begin to decline in the next couple months.
Homes Sold for 12 Consecutive Months
Homes sold for 12 Consecutive Months. I wrote last month that the modest dip in total annual sales is not an indication of a trend change. The sales number for the last 12 months ending in September rose to 1134 homes. The upward climb continues.
3-month median list price compared to 3-month median sold price
3-month median list price compared to 3-month median sold price. After a brief dip last month, the median list price of homes rose from $445,000 back to $450,000 and the median sales price rose from $435,000 to $440,000. Prices are still bouncing up and down in this range bound market.