September finds buyers having -21% fewer single family homes to choose from but competing with more home seekers than last year. Sales for the first week of the month totaled 217 which was an increase of +6.9% year-over-year.
The best September start going back 10 years was in 2005 when over 300 sold in the first week. The month end total in September 2005 was 1,559 which easily surpasses all year-over-year comparisons prior to & since then.
At the end of August there were -16.8% fewer condos for sale than a year ago. In the first 7 days this month, sales were up +22% to 92.
It’s still early in the month, but luxury sales are off sharply from last September with only 3 single family homes and 1 condo selling for a million or more compared to 11 & 2 respectively.
With a small sample size and 8 fewer $1m+ homes selling, it’s not surprising that the SFH average price is being clobbered y/y: from $474,385 to $443,841 (-6.44%) We’ll have a better picture of prices as we get further into the month.
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