Real Estate: September Market Recap

September has proven to be quite a busy month! Inventory edged up slightly to 140 single family homes for sale up from 88 in late August. Increasing inventory in September is typical; ordinarily, there would be an even larger increase. There is still an overabundance of high priced homes currently listed for sale, I expect price reductions in the upper price points. Here’s the breakdown –

Single Family On Market
Homes: 140
Average List Price: $2,340,812*
Price Sq Ft. $489
Days on Market: 96

 

Single Family Under Agreement
Homes: 61
Average Price: $1,047,662
Price Sq Ft: 473
Days on Market 19

 

Single Family Sold
Homes: 43
Average Sale Price: $1,430,000
Price Sq Ft: $469
Days on Market: 30

 

Condo On Market
Units: 49
Average Price: $988,000
Price Sq Ft: $439.00
Days on Market: 45

 

Condo Under Agreement
Units: 23
Average Price: $947,000
Price Sq Ft: 494.00
Days on Market: 16

 

Condo Sold
Units: 18
Average Sale Price: $741,000
Price Sq Ft: $467
Days on Market: 40

 

When the average list price is double the price of homes going under agreement, this is a sure sign that we are in an unbalanced market and we will reach the tipping point. I cannot foresee any scenario in which the high-end market will not see price declines. 50% of current inventory is priced over 2 million dollars, but take note that the average sale price in September was $1,430,000. These high prices are not sustainable. I believe that there are some fantastic opportunities for buyers at this point in time.

This guest post contributed by:

Margaret Szerlip

Compass

Email:  margaret@compass.com Mobile:  617.921.6860

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Author: Margaret Szerlip

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