Sorry it’s been so long, everyone! I’ve had a super busy 3rd quarter, and October hasn’t seen a slackening at all. So, no real time to put numbers together for a stat post. However, I do hate to go too long without covering the numbers, so here goes…
Let’s take a look at the upper end market…$350,000 +
In July, 211 homes in that range were on the market, comprising 16% of the available homes. 20 homes went under contract, and we had 10.55 months of inventory to sell through.
In August, 206 homes in that range were on the market, comprising 15% of the available homes. 19 homes went under contract, and we had 10.84 months worth of inventory to sell through.
In September, 215 homes in that range were on the market, comprising 15% of the available homes. 18 homes went under contract, and we had 11.94 months worth of inventory to sell through.
Now, compare this to last year – same months
JULY…190 homes, 18% of the market, 15 went under contract and we had over one year’s worth of inventory!
AUGUST…177 homes, 17% o’ the market, 18 went under contract, just 9.83 months of inventory.
SEPTEMBER…166 homes, 16% of the market, and 22 homes went under contract, meaning we had just 7.5 months of inventory.
So, as the 3rd quarter progressed last year, inventory shrunk because fewer high-end homes came on the market, and more of what was available went into escrow.
This year, inventory stayed roughly the same, but sales decreased, increasing time spent on the market.
What does this mean?
Now is not a good time to put a high-end home on the market, BUT if you asked me the same question in July of last year, I would have told you the same thing. And I would have been wrong.
Soooooo…bottom line, put your house one the market when you need to. Don’t worry about the right time, or the market trend. Do it when you need to, because there is never any real way to say when and what and for how much, as these two Q3 year-by-year comparisons indicate.