What!? Fall already!? School is back in session, the REAL summer heat has set in, and real estate prices continue to set year-over-year gains. A quick shout-out before we get into the numbers, as my thoughts are with all of the people affected by the unprecedented weather in the southeast United States. I have a lot of friends and family affected by all of it, and ask that everyone do their best to help out those in need this fall! Anyway, on to the stats…
Numbers across the board were up over their counterparts last year, including the main indicators of median price and numbers sold. The most newsworthy of those was the number of condos sold in August, up 19.5% over last and the highest since 2006 (hint: pre-bubble!). Although it’s not close to the highest August we’ve ever seen (831 in August 2005), it’s still good to see gains in turnover.
Elsewhere around the market, the number of single-family houses sold increased by 5.2 percent compared to August 2016, the median price for single-family houses was $786,250 (5.2% increase from last year), and the median price for condominiums increased by 5.3 percent to $419,000.
Days on market (DOM) stayed the same compared to last year (16 days for SFH, and 18 for condos), but it still super low on the relative scale overall. Higher-priced or under-prepared (trashed or poorly marketed) properties are sitting on market much longer than that, but well-prepared listings pull that DOM number way down.
Have a good September, and hope to see you around! Remember, if you know of anyone that would appreciate my service, please send me their information and I’ll be glad to take care of them with the same level of service that you’ve known!