September 2013 Market Report

I’d like to take our listeners on an in-depth tour of the stats for September, and how these influence my real estate crystal ball. We’re starting to see the seasonal adjustments in the figures from September to August with closed homes down 10%; however, there remains tremendous and positive activity! An average of 28 single-family detached homes and attached townhouses and condos closed per day, with a total of 842. 

You mentioned an increase in homes available recently, how is supply and demand looking?

I’m monitoring this closely as supply and demand ultimately influences of property values. The new inventory of available homes on the market every month is exceeding the number of closed properties by 500-600 homes. If the trend of an increase in home supply continues without a correspondent increase in demand, the market imbalance may create stagnation and even downward pressure on home prices. Contrary to popular belief, sellers may actually be able to sell their home for more today than in the spring market if this trend continues.

What price points and areas are selling the best?

 Maintaining our market’s consistency, 76% of all sales were below $250,000 with the strongest activity in the Northeast Heights and close-in West Side, 20% of sales $200-$500,000, and 4% of sales were over $500,000. The upper-end market hasn’t seen the benefits of the real estate recovery that the affordable price ranges have enjoyed. The outlying areas, such as the East Mountains, are experiencing the same slow predicament as the upper-end. In these locations or in these higher price points, the price war and the beauty contest are still critical to keep in mind if you’re a seller. If you’re a buyer, there are still fabulous opportunities to purchase homes of terrific value with historically low interest rates.

As always, who do you know that needs to buy or sell real estate today? Thanks!!