The end of the year tends to be a slower buying season with many potential buyers wanting to wait until after the holidays before pursuing their dreams of homeownership. If you take a peek at the combined townhomes/condos and single family home numbers listed at the bottom of the page you’ll notice that the percent change year over year for closed sales, paid in cash, new pending sales, new listings and active inventory are all down compared to October 2012. While we can see it is affecting the industry it is hard to say at this point how much Biggert-Waters will affect us in the long run. Our hope is that the moratorium that is currently being reviewed will be passed and we won’t have to look to the upcoming months to see if this becomes an ongoing trend.
If we separate townhomes/condos and single family homes you’ll notice that closed sales for townhomes/condos dropped for the 3rd month in a row, but it is only a -1.7% change year over year from October 2012. Closed sales for single family homes dropped for the 2nd month in a row but it is only a -2.3% change year over year from October 2012.
Cash sales for both townhomes/condos and single family homes decreased in September and October. This is a -3.4% change year over year for townhomes/condos and a -15.5% change year over year for single family homes.
October historically tends to see a slight increase in new pending sales for both townhomes/condos and single family homes. This year single family homes increased by a mere 14 sales from September but overall is a -19.9% change year over year from October 2012. Townhomes/condos increased slightly from September by 21 sales but is an overall -14.8% change year over year from October 2012.
July and August saw increases in new listings for both townhomes/condos and single family homes. The summer months do tend to have higher activity. Both types of property saw a drop in new listings in September. The numbers from
September to October have only changed by 2 to 4 sales. New listings for townhomes/condos have a year over year change of -10.1% and single family homes have seen a year over year change of 5.2%.
The median sales price for townhomes/condos is down $2,500 from last month to $98,000. This is a 0% change year over year from October 2012. This is the lowest the median sales price has been since February of this year for townhomes/condos. The median sales price for single family homes is down $5,000 from last month and is a 16.5% change year over year. This is the lowest the median sales price for single family homes has been since April of this year.
If you take a look at the closed sales by sale price pages for both townhomes/condos and single family homes you’ll see the following:
-53.8% drop in townhomes/condos year over year for the $600,000 – $999,999 price range
-33.3% drop in townhomes/condos year over year for the $1 million or more price range
An increase of 39.1% year over year for the $250,000 – $299,000 price range for townhomes/condos
-10% drop in single family homes priced $1 million or more
An increase of 41.4% year over year for the $200,000 to $249,999 price range for single family homes.
David B. Bennett
President & CEO