September STAT with August’s Data
COMMENTARY by ARMLS Staff
Quick Hits
- Inventory is essentially unchanged month over month, declining 1.43% from 23,745 in July to 23,406 in August.
- Median sales price is $445,000, down 1.11% from July, but still 1.14% higher than a year ago.
- Median days on market increased slightly from 61 to 64 days month over month, but remains below the 67-day median from a year ago.
- Median price per square foot is $258.38, down 0.29% from July and 1.12% year over year.
Sellers Are Adjusting. Prices Aren’t Falling at the Same Pace.
The median list price has declined from $480,000 six months ago to $462,740 in August. At the same time, the median sales price remains relatively stable at $445,000 and is still 1.14% higher than it was a year ago.
That creates an interesting dynamic: asking prices are adjusting, but the median price buyers are actually paying has not fallen below last year’s level.
There’s another piece to the story. Median price per square foot has been trending downward, falling 1.12% year over year and 0.29% from July.
Takeaway
The market isn’t simply getting cheaper. Sales prices remain relatively stable while price per square foot continues to soften.
For sellers, the message may be that pricing strategy matters more than simply chasing the market downward. For buyers, the opportunity may not be a significantly lower purchase price, but rather getting more for their money at the current price point.
