Prices dropped in Single Family Homes in September on average about 1.9% equating to about a $7,093.00 drop in value, but....
LOOK AT THE SIGNS OF STABILITY:
- In contrast the Condos held their ground and increased in value on average from $$251,048 to $252,234! That is a good sign.
- Another good sign is that the Duplex and Rowhouse style properties were up 0.1% - selling on average for $315,690.
- A better sales to listings ratio - we are at 55% instead of the 42% range just a few months back in May of this year
- Days on Market is down from 63 days to 61 days
- Less inventory is good for balance - at the end of August we had 9612 residential properties in inventory, we had 8808 home in the MLS inventory at the end of September
The numbers reflect a different viewpoint than a lot of peoples feelings - the market is strong despite the apprehension of many. The proof is in the pudding and pudding isn't stale! Signing off...