What happened in September?
After a busy summer listing season that saw over 330 new listings hit the market, activity cooled in September with only 40 new property listings, reflecting less than half the summer average of 83 new listings/month. The average listing price in September was close to $4 million (significantly higher than the summer average of $2.8 million), as 8 new listings hit the market priced over $5 million, including 2 estates advertised for $19 million each. While high priced listings can inflate the average, a more telling statistic is the median list price, which actually dropped down to $1.1 million in September - the lowest since before summer. Four properties were listed under $600,000, with two of them already under contract, including a 2 bed / 1 bath townhome backing up to Cottonwood Park. Eight new lot listings came onto the market in September, with a median list price of $1 million. Two of those listings (both priced under $1 million) are already under contract.
Looking for a deal?
As the leaves continue to fall and winter approaches, Sellers motivation may be increasing. Properties that have been on the market since the start of summer (or those coming onto the market now) have limited remaining marketing time before the snow flies. Contact me to discuss which properties represent potential for a great buy.
After a busy summer (and especially busy August), real estate sales dropped off in September, with 43 sales. Overall dollar volume also dropped, dipping below $75 million for the first time since May 2018. While the transaction levels are similar to this time last year (40 sales in Sept 2017), sales volume is $13 million higher. As a result, the average sales price remained consistently strong, marking the 4th month in a row at or above $1.7 million. The median sales price, however, increased significantly in September, up a whopping 55% from August, as 60% of sales occurred over $1 million (including 7 over $3 million). Of the 40% of sales occurring in the sub $1 million market, only 3 of them were under $500,000, including a 1 bedroom East Jackson condo that sold at full list price of $346,000. The market remains competitive as 60% of all Sept sales closed within 90 days of listing. While only 7 properties sold at or above the listing price (this stat has reached 33% in the past), many sold very close to listing price.