Recently updated real estate trend charts are here. These monthly charts are updated through the end of August, 2023. The rest are date stamped with the day they were updated. Click to view pdf of real estate trend charts
– Active residences (current inventory) – The number of homes on the market for the month of August remained nearly the same as that of July. On the publishing date, there were 367 in July and 365 in August. We’ve been in a relatively tight range now for a few months of equilibrium where the number of homes coming on the market is approximately the same as the number leaving the market (pended, canceled, withdrawn, expired or sold).
– Median prices. The upward movement in the 3-month median price stalled here in August with the price of $445,000 remaining the same as that of July. The 12-month median price decreased from $440,000 in July to $438,000 in August. This price behavior is a definite change in this current buying market from that of the last several years. The median prices appear to have hit a bit of a headwind.
– Median DOM (days on market) for homes that sold over the past 30 days. We are seeing a slight uptick in the Median Days on Market (the time period where 50% of the homes leave the market). The previous 30-day period was 9-12 DOM, the most current 30-day period is 10-16 DOM. This is typical behavior as we enter the last days of the buying season for this year. I would expect this number to continue to increase as we move into fall.
– Number of pendings last 30 days close-up. It appears that the number of pendings may have reached its high of this year and the trend has turned down which it normally does this time of year. We topped out at 121 on August 9 and are now at 105 on Sept 9. As you look back at previous years, you can see the number of pendings declines it the second half of the year into early January of the next year. This means fewer sales on the near horizon if the trend continues.
– Homes sold for 12 Consecutive Months. The number of homes sold for a 12-month period leveled out for two months (June had 1012 and July had 1013). But it was short-lived because August dropped through the 1000 mark to sit now at 989. With the possibility of the seasonal decrease of pendings for the remainder of the year, it appears that the trend in sales numbers with continue down for the foreseeable future. To paraphrase a Kingston Trio song from my youth, “Where have all the buyers gone…?”
– List price compared to sold price. Even though we are still getting some multiple offer situations with some brisk competition among buyers, the overall market is still showing that median sale prices remain below median list prices. This is the normal, long-term trend and with the pressures of higher interest rates and issues with insurance quotes, this trend may be with us for a while into the future.
