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Your September 2016 Market Update

Active inventory peaked this year at 7,329 homes, and has not changed much since then. In the past couple of weeks, inventory dropped by only 28 homes and currently sits at 7,267 homes. This month active inventory is higher when compared to last September which had 89 fewer homes on the market, totaling 7,178 homes. Now that summer is over and school has started, fewer homeowners will place their homes on the market, and fewer buyers start their home search. This temporary drop in the market is normal during the transition from the Summer Market to the Autumn Market. With a slight decrease in competition, serious buyers and sellers are able to take advantage of the season shift while the market is still very active.

Demand is based on the number of new pending sales over the prior month’s sales. Demand has dropped by 92 homes in August and now totals 2,843 pending sales. Demand is still much stronger for this time of the year with levels not seen since prior to the Great Recession. Last year at this time there were 121 fewer pending sales, which equals 4% fewer pending sales than today.

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When examining the expected time on the market, we can see that there are slight changes occurring as we transition from the Summer Market into the Autumn Market. For homes priced $750,000 and below, the days on the market has decreased by one day, going from 51 days to 50 days. This price point also represents 45% of the current active market and 69% of current demand, giving it the largest share of the current market. On the other hand, there is slight increase in days on the market for homes in the $750,000 to $1 million price point, moving from 82 days on the market to 94 days on the market.

Homes in priced above $1.5 million, do not fly off the market as quickly with multiple offers like homes priced under $1 million. Regardless of how hot the market is, for homes in the higher price point the market behaves differently. The number of days on the market is higher and the demand is lower.

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