What happened in August?
The busy summer listing season continued through August with 93 new listings hitting the market last month. Since May, 389 new properties have entered the market. Quite a high number considering there were 494 total sales recorded in MLS in all of 2018. While the number of new listings was similar to July, the dollar volume of August listings was down over $100 million from July and equated to only half of the listing volume seen in June (with 101 new listings). As such the average listing price dropped to $2.345 million from $3.5 million in July, and down from a staggering $4.2 million back in June 2019. The median list price also dropped; down slightly in August to just under $1.6 million from a high of $1.85 million in June. Over half of the new listings in August were between $1-3 million dollars, also the hot spot for sales this past month. Since May, 188 new listings have entered the market in this price range, by far eclipsing the 63 summer sales in the same price point. Luxury new listings are still very active with 15 new homes coming onto the market above $3 million. Since May, nearly 100 properties have come on to the market in this high-end segment - an increase of nearly 20% over luxury listings during the same time in 2018. Inventory under $500,000 continues to shrink as just 4 new listings entered the market in August, making a total of 21 for the entire summer and representing just 5% of all new listings.