Where as my other post looked at the different communities individually for the month of August and showed how each one did compared to the same time period earlier, this one combines them all and tells us which price points are moving the most, the fastest, the slowest, etc.
To see this report, click here.
For example, overall closes sales were off 1.1% compared to the same time last year. The number of homes for sale was off .3%.
But the $500K and up price range, closed sales were off 35.5%. The $75K and under price range was up 4.9%. Everything inbetween was a mixture. $75K to $125K was down 2.2%, but everything $125K to $175K was up 1.8%. $175K to $225K was up 4.2% but the $225K to $300K range was up only 1.1%. Meanwhile, the $300K to $400K range was down 4.8% and the $400K to $500K range was down 5.7%.
The higher end homes were seeing some of the bigger lags per price point. Some of that is a little unfair by comparison since the other price points are closer in range, typically between $50K and $100K spreads, while the $500K and up category has no upper limit, so it includes homes that are $500K and well as properties in excess of $2,000,000.
Days on market for homes over $500K is up 21%, to 109 days, which is actually less than the $300K to $400K day on market which is currently 112 days. That being said, that price point is up 8.7% from 103 days. The fastest moving price range??? $125K to $175K, which is down 4.1% to 70 days on average.
Inventory of homes for sale, or rather, the total number of homes for sale, by price range. The biggest drop is the $75K and under price range…down 13.2% to 714 units/homes. The biggest increase is the $400K to $500K price range, up to 93 units/homes which is a 31% increase. The $500K and up price range is up 20.7% to 105 units. The $300K to $400K price range is also up, 16.3%, to 221 units.
Total existing homes for sale…2,834, which is down .8%. Total new constructions for sale…110, which is a 13.4% increase.
Months supply of inventory. What this means is that, based on the current rate of sales, if no other homes were listed as of today, it would take “x” months to sell off all of the inventory of homes. A 5-6 month supply of homes is considered a balanced market. More than that is a buyers market, less than that is a sellers market.
These are typical sellers markets….
$75K and below…5.9 months.
$75K to $125K…6.3 months
$125K to $175K…6.2 months
$175K to $225K…5.7 months
Then it tips and becomes more of a buyers market
$225K to $300K…6.9 months (up 9.5%)
$300K to $400K…9.2 months (up 29.6%)
$400K to $500K…14 months (up 72.8%)
$500K and up….23.8 months (up 77.6%)