AUGUST REAL ESTATE SUMMARY

Despite a drop in sales activity this summer in comparison to July and August last year, year-to-date sales are slightly above 2009 and dollar volume is up nearly 11% and closing in on $2 billion, the fastest pace at which this milestone level will be reached. August is showing a softer first-time buyer market, sales under $200,000 are down 33%, sales from $200,000 to $250,000 are off 16%. In the $300,000 to $350,000 price range there were 6% more sales in August 2009 than August 2010, sales in the upper price range brackets are either equal or better than 2009 with twice as many sales over $500,000 than in 2010 including two sales above $1,000,000.

It’s a win/win situation, a more balanced market is allowing listings to catch up to demand and is creating more balance and breathing room for buyers to have opportunities to purchase a home they desire. In August sales price to list price ratio of market activity was just over 100%. 100% indicates equilibrium between sales and listings. August MLS® unit sales were down 12% and dollar volume is off 5% in comparison to the same month last year. Year-to-date MLS® unit sales have risen less than 1% and dollar volume is up 11% compared to the same period in 2009. The 14,843 listings entered on the MLS® this year are up 15% from 2009.

In August, the most active price ranges were the $150,000 - $199,999 and the $200,000 - $249,999 at 22% and 21% respectively. Average days on market were 30 days, two days slower than last month and the same time as August 2009.

I am available at anytime to discuss the Real Estate market. Get the FACTS. Whether buying, selling or if you just have questions, call me. I would be pleased to assist you, your friends or your family with your Real Estate needs.