While I'm not quite ready to admit that Summer is over just yet, it certainly appears that September is geared up to leave the Summer real estate doldrums behind. If the first week is any indication, it will be a busy Fall season with a healthy influx of new listings and many buyers chomping at the bit to take advantage of lower prices, better selection and continually low interest rates.
Taking a look back at the August numbers, they are predictably lower than July. The numbers also continued to be skewed by a luxury market that suffering a much larger correction than the middle and lower end. Some of the highlights:
- As expected, sales activity decreased across all market segments relative to July, while also markedly lower (20-40%) than August of last year.
- Listing inventory also declined compared to last month as many Sellers pulled their listings off the market for the remainder of the Summer. Expect to see some of these listings return to the market in September along with the new inventory.
- Condo prices have slipped slightly over last year, but remain relatively stable. The weakest spot here is the Eastside attached segment which is down 7.5% over last year.
- Detached prices on the Eastside have remained virtually flat compared to last year, with a recent decline negating gains from earlier this year. The Westside has seen an increase in average prices and decline in median pricing, suggesting that a few high end homes sales are 'floating' the stats. On the North Shore, we have seen a tremendous 16% increase over last year despite a 2.8% drop from July.
On a side note, for any of you looking to for property information on the go, check out www.RobZwick.com from any smart phone to view our mobile site which offers fully integrated GPS location searches with full property details for any homes nearby. You can also do a standard search to view any properties available on the MLS.
Enjoy the sun while we have it!
Unique Homes Blog
BRINGING THE OUTDOORS, IN
Check out this property, built on land that slopes from east to west. Tons of glass windows in the common space bring the light in, then brick and wood in the private rooms add warmth. Read the rest of my post and see more pictures on my Unique Homes Blog >>
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