The latest numbers for our market and what they mean for you.
I just finished our weekly radio show, so I have the brand new market numbers out for you, and they’re very interesting. We have seen significant declines across the board, which is what we all expected.
Single-family home sales are down 16.3% from this month last year, which is not that bad. We also had 555 sales instead of 658. Prices are still up year over year, which is good. They’re up 7.7% at $350,000, but the bad news is they’re down from the peak, which was in May at $380,000.
The average sale price is still up 6.5% year over year at $436,108. That’s also down from the peak this year at $486,984, which is about a $50,000 drop since earlier this year. That has obviously been a big change because interest rates have gone up. Some buyers have just pumped the brakes, but we have seen about an 11% drop in the average sale price so far this year.
I do think this is a bit more of a normalization. We talked about that in today’s show. The market is still not even back to where it was before the COVID-19 pandemic in terms of the actual amount of sales and inventory.
“The good news is that it’s still a very good time to buy.”
Right now, inventory is up 33.3% from the same time last year at two months worth. That’s still a very strong seller’s market. Anything six months or below is a seller’s market. We just had some success stories today where we sold multiple properties with multiple offers. However, you are seeing that competition soften as rates continue to go up. That’s what we want to see.
Condo sales are seeing a big decline as well. 522 condos sold this past August versus 699 in August 2021. Condo prices are still up, which is good—they are a bit more resilient. The median price rose year over year by 33.6% to $227,000, but that’s down from the $240,000 peak earlier this year. The average sale price is up 25.2% year over year at $261,315. However, it is also down from the peak at $276,805
Here is the interesting piece: Our supply is up by 58.3%, so we’re seeing a decline in buyers and an increase in supply. That’s why you’re seeing a softening of price. The good news is that it’s still a very good time to buy. This fall market is strong. If you’ve been thinking about selling or even making a lateral move, we have seen a big uptick in overall active properties. We’re at about 834 properties right now, and we were at 840 last week.
If you’re thinking about selling, reach out and call us. We’re still seeing those amounts of home sales right now. On today’s show, I shared that we have 69,216 active buyers on my website who are looking for properties here, so we need inventory. We have buyers from all across the country, even international ones, and we’re very good at matching those buyers with sellers.
If you ever think about selling, call me at (843) 808-SOLD. Share this with your friends and relatives. You can always go view our radio show on our YouTube channel—just search “Sloan Realty Group.” We are here to serve you and help you make good decisions with real estate. Reach out and call us for anything you need.
