Happy October Everyone, and happy beginning-of-holiday-parties season! It’s crazy to think we are here already, and I hope you are all gearing up for Halloween and other fun things as we close out 2016! The stats for September 2016 are out, and here’s my take on the local market…
Single-family homes saw a stall in growth versus last year, as the number of closed sales remained the same. It’ll be interesting to watch this number as we end the year, and see if the trends continue “normal.” We did see a slight bump in median prices versus last year, but it remains inline with the growth of the overall year. The “outlier stat” for September single-family homes was the days-on-market (DOM), which has remained at 16 days for the third straight month. Usually in September, we start to see a little longer DOM, but not this year!
As for condos, number of sales climbed for the third month in a row and rose 6.7% versus last year. It’s hard to predict where condos will go month-by-month, because their production is so heavily tied to market factors and the products vary so greatly. In fact, median price is down versus last month, while last September saw a bump versus that August. DOM are back up to 20, and look for that to shorten again as less new inventory came on the market.
Like I said, it will be interesting to see how the year will fill out. There some factors that seem to follow market trends, and some that don’t. I’m also going to be watching the election results to see if that has any affect on our little island home as well!
Happy Halloween everyone, and a quick note of love to my friends and family in Florida! Hurricane Matthew sucks, but we are here if you need us!