09/16/2016
: August Heat Doesn't Put A Damper on Home Sales
Full August market stats reports on NEFAR.com (Market Stats tab)
~ 2,520 closed sales; 4.3% more than Aug. 2015
~ $190,750 median sales price; $238,457 average sales price
~ 2,495 pending sales
~ 13.5 percent of homes sold for more than their original listing price; the result of competition for homes.
~ Sellers added 3,222 new properties to inventory; an increase of 2.3 percent from a year ago.
~ At month end, there was still only 9,290 in inventory; 14.3% less than a year ago.
~ Inventory is at a flat 4.0 months’ worth (balanced market is five- to six-months on hand).
~ Days on market was 72; little difference from 70 days last month or 75 days a year ago.
2016 NEFAR President Terrell Newberry said, “Many sellers are in a prime position at this stage of the game to be able to realize a rapid home sale at a fair price. Buyers, on the other hand, are having to make quick decisions when they find a home they want, as turnover is brisk and competition is strong.”
