What happened in October?
While increasing slightly from September, the 46 new listings in October represent only half of the listing levels seen in the busy summer months. Despite the modest increase in the number of new listings, the overall dollar volume of those new listings ($84 million) dropped significantly from September ($148 million), representing only a quarter of the volume seen in the height of the summer. As a result, the average new listing price in October was also down significantly, dipping below $2 million for the first time since March 2018. These drops can be attributed to the fact that fewer high end listings (above $3 million) hit the market in October. After an average of 20 new high end listings hit the market each month this summer, there were 14 such listings in September and only 6 new listings priced over $3 million coming onto the market in October. Usually the homes with the highest price tags strategically put their homes on the market at opportune times to sell (i.e. the summer!). Despite a lower average, the median listing price actually increased in October, helped by a spike in listings in the $1-3 million range, where 25 new properties came onto the market.