Transactions/Sales Volume – What Sold?
Average Sales Price
Total Sales Volume
After lagging 2018 in Q1 and Q2, the third quarter this year outpaced Q3 2018 in nearly every metric. Sales transactions were up slightly with 156 sales occurring in July, August, and September. Total dollar volume also increased over Q3 2018, up roughly 5% thanks to a very strong September which recorded $102 million in sales volume. The average and median sale price fluctuated throughout the quarter but overall was consistent with Q3 2018. In analyzing the price point break down, most segments saw similar distributions in Q3 2018 and Q3 2019 with one exception. Property sales in the $1-3 million price range increase 21%, with 69 properties selling in the third quarter. Slightly less than 50% of Q3 sales were for single-family homes, a drop of 7% from Q3 2018, while townhome/condo sales accounted for 5% more sales in Q3 2019 compared to the same quarter in 2018.
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New Listings – What’s New?
AvERAGE LIST PRICE
LIST PRICE Volume
The third quarter in 2019 saw 40 more new listings come on to the market then the same time last year. The nearly 250 new property listings totaled $630 million, which was actually $48 million LESS than the volume of Q3 2018. In other words, new inventory was up 19% from last Q3 but the volume of those new listings was actually down 7%. In looking at the third quarter of this year, the average listing price declined each month, from a high of $3.5 million in July to a low of $1.46 million in September. Compare that to September 2018 when the average new listing price was over $3.7 million! The median list price followed a similar trend this quarter with a high of $1.675 million in July and a low of $1.125 million in September which actually mirrored the pattern for medium listing price in Q3 2018. This illustrates how is a very strong September 2018, with several high-end listings, contributed to the much stronger numbers for Q3 last year.