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September’s median sales price continued its predictable seasonal backing off from its Spring peak in May of $1,475,000, off by 8.5% to $1,350,000. Prices are still up 10.9% above September, 2016.Inventory is up from August’s 1.9 months to 2.1 months. The number of new listings on the market year-to-date is down 7% from 2016 while the number of sales is up 2.6%.The incredibly tight supply coupled with strong demand kept the level of overbids high as well, up to 115.6%, higher than last September’s 108%.86.3% of single family homes sold above the list price, up from 77.5% last September.Condo/Loft/TIC’s:
Median sold prices are up 7.8%, to $1,100,000, compared to September 2016’s 1,020,000.Inventory is at the highest level so far for 2017, at 2.9 months. That is still down 17% from last September’s 3.4 months. Like single family homes, the number of Condo/Loft/TIC listings are also down year-to-date compared to 2016, by 8.2%. However, unlike single family homes, sales are down, by 0.5%.The slightly more balanced condo/loft/TIC market is keeping sold prices closer to list prices, at 101.1% of list price. This compares to last September’s 101.4%.In September, 55% sold above list price, off from August’s 61% and last September’s 58%.