August Market Update
I know you can’t tell by the thermometer, but we’re almost officially into the fall season! Being the fourth week of September it’s time to look back at the August market! Here we go…
Both categories performed nicely in August, which is typically a fairly slow month. As always, we’ll start with single family detached. August of 2019 showed a 12.9% increase in unit volume from 62 units last year to 72 this year. They didn’t sell quite as fast, though, with the days on market increasing 5.7% from 70 to 74 days on the market. As we saw in July, the sales price didn’t change much year over year from $283,290 last year to $284,098 for 2019. That’s only about a quarter of a percent increase.
Moving on to the attached properties, unit sales had another strong month! Although not such a dramatic increase as we saw in July, it did go up by 18.2% from 22 to 26 units. As far as days on market there was about as much of an increase in August as there was a decrease in July. The average last year was 45 days which increased to 67 this time around. Still a pretty impressive turn around rate, though. Price did see a nice increase for August. In 2018 the average was $188,843 and this year $216,286 which reflects a 14.5% jump in average sale price.
Why such a strong month in one that usually reflects our early summer slowdown? I would theorize it’s a reflection of the drop in mortgage rates. We haven’t seen rates this low for quite some time and that has probably knocked a lot of people off the proverbial fence. And these scenarios are reflecting nationally, according to the National Association of Realtors August was the strongest it’s been across the country in several years
September will be the last month reflecting our slower summer season as what is closing typically went under contract about 45 days prior. And look forward to bonus footage next month as it’s the end of the third quarter so we’ll take a peak at the those numbers as well. Aren’t you excited? I know I sure am! Man, I’m such a stats geek.
Anyhow, that’s all for this edition. Next week is a bonus Sunday so I’ll try to come up with a good story to tell. If you’ve always wondered something about the industry but were afraid to ask now’s your chance! My time as column writer is quickly coming to a close – only two more months! Can you believe it? I sure can’t. Take care of yourselves and enjoy all the pumpkin spice, backyard fire pits, and changing leaves (if it ever cools down). Until next week…