During the month of September there were 1543 homes for sale, 264 contingent sales, 328 homes pending, and 173 homes sold. Sales were up in September compared to August but the number that really stood out to me was the number of homes pending. Pending sales are way up. I think it’s probably first time buyers trying to close in time to get the $8000 tax credit. Most of the pending sales are in the $200,000 – $250,000 price range and within that range, the majority actually fall between $200,000 – $225,000. However, pending sales over $500,000 are also up. In August, there were 21 pending sales over $500,000. In September, there were 42. When you look at the chart below, know that active listings did not decrease by 200 from July to August. I recently changed the way I calculate the active listings so that time shares and manufactured homes being sold without land are no longer included.
A lot of buyers right now have a hard time accepting that it’s possible to pay full price for a home and still be getting a good deal. Sometimes it takes writing a few low offers and missing out on homes in multiple offer situations for that to click. I’ve worked with several first time buyers recently and all were looking at homes priced at $150,000 or less. This is a hot price point right now. Multiple offers in the first couple of days on the market is the norm. When my clients ask me what they should offer, I provide them with info on recent sales and say, “Someone is going to write a full price (or higher) offer for this home and get it. Do you want it to be you or one of the other buyers?”
One of my favorite sales statistics is the average % of list price received. This shows how the sales price compares to the list price. For the month of September, homes that sold in the first 30 days after being listed sold on average for 104% of the list price. Yes, you read that correctly. On average, homes that sold within 30 days of being listed sold for more than the list price. Homes that sold after 31-60 days on the market sold for 99% of list price. If I focus on the hottest segment of the market, which is homes priced at $250,000 or less, it’s 105% in the first 30 days, 103% after 31-60 days, and 97% after 61-90 days on the market.
Here are the complete statistics for the month of September: September 2009
I thoroughly enjoy running statistics so If you’re curious about sales in a particular neighborhood or price range, send me an email. I’m happy to look at anything.