As expected in any Fall market, October home sales saw an increase in units sales from September. The overall picture ( even though the market is soft ) is relatively stable. The number of homes on the market has now fallen below 1000 units resulting in the Months of Supply now less than 10. One month ago we were hovering around 13 month’s supply. Overall activity is still down from last year but the numbers in October showed the declines are slightly decreasing telling me there is no market crash in sight. The biggest prices reductions have been on the properties that saw the huge bump up in market prices. The more affordable end of the market while softer than one year ago has seen much lesser price adjustments to the down side.
The way I see it, it’s a great time to buy with very few ( if any ) competing offers. Buyers have time to make decisions, they have selection , they have rock bottom interest rates and they have lower prices. Why buy when the market is over heated and prices are being pushed higher. This is the best time to buy. If you ask most buyers they are waiting for prices to go lower. “Just let me know when the market has hit bottom and I will jump in too!” Not so easy to predict!
Here is how the numbers stack up for October:
Westside Single family homes:
- During the month of October there were 104 homes sold verses 120 in October 2011. A decrease of 13%. Year to date home sales are down 38% from 1803 units to 1117 units.
- The average selling price of a home was Up 6% in October to $ 2,510,313. Year to date the average selling price is Up 2% to $ 2,441,793.
- There were 226 homes listed for sale in October verses 296 last year. A decline of 23%. At month end the supply of homes was 960 units verses 827 last year, an increase of 16%
- The Months of Supply has fallen from over 12 last month to 9.23 months at the end of October. Last year we had 6.89 months of supply.
Westside Townhomes & Condos:
- Townhome sales rose by 8% and condo sales fell by 19% this October verses last year. The year to date sales show town homes down by 28% and condos down by 20%
- The average selling price is almost even this October verses last year and year to date selling prices are also virtually even.
- The supply of townhomes was 17% higher and Condo supply was 10% higher than last October 31st.
- The Months of supply tells a stable market for townhomes with just over 6 months and that’s the same as last year. Condos have climbed from 5.7 months to 7.9 months this year.
If you are interested to know the market value of your home or just a general overview of the market conditions please call upon us at any time. We welcome your calls.
Andrew & Jill Hasman