Last week we talked about how the average LIST price had fallen just a couple hundred dollars year over year.
Now HAR has published the full sales numbers report for September and the good news is when it translates to the actual SALES prices we are actually UP AGAIN. The average price is up 0.3% to $415,435.
If you'd like, you can read the full report at HAR.
The total inventory has grown quite a bit from 39,000 available properties to almost 49,000 active listings, now placing us at a 4.4 month supply of homes.
Reaching 4-6 months of inventory level is considered a "stable market," so we have officially exited the "sellers" market we had been experiencing this last 4 years.
That said, there are still areas with much lower inventory levels so every house and neighborhood is unique. There are also some new construction subdivisions where it is most definitely a buyer's market, i.e. Cane Island, Prairieland in Bridgeland, Tamarron, and Cross Creek West. Builders are reducing list prices dramatically to try to pad their fiscal year end numbers.
One bright spot is pending sales in September are WAY up year over year so we will see higher sales volume in next month's report.
I am really looking forward to moving past the election next month and seeing what effect it has on our local market.
I am here to serve you when you have a Real Estate need.
Please call me anytime if you've got questions about the market or if you'd like to have any kind of Real Estate conversation.
