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Things are looking a little crazy for this month’s housing update, which bears both good and bad news about the current market.
We send our thoughts and prayers for those affected by the recent hurricane, its storms, and the flooding that swept through our area. This weather also spelled a bad situation for the number of closings we saw in September, with single-family home sales down 33% year over year. Last month there were 285 homes sold while August saw 550 sales. Homebuyers and sellers were literally unable to close on a home because of the storms.
Fortunately for home sellers, we should recover and see many homes close this month instead. We also have great news about prices—we saw an increase of 16.1% last month for single-family homes with a median price of $238,000. This is the highest we’ve since we began tracking it in January 2015, where the median price was at $169,000.
We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses.
Inventory is a big factor in driving up prices, as we’re down 13.6% year over year with 5.1-months’ worth of inventory. We need homes to sell and we’re already seeing displaced, flooded homeowners placing offers on new houses. We’re also seeing people coming in now who couldn’t make it while the storms passed, and investors are looking to buy homes affected by weather damage. Reach out to us if you’ve been affected and we can set you up with an investor to buy your home. New construction sales are down significantly at 48.2% year over year, with 155 homes sold last month compared to 326 in August. Prices, though, are up 9.7% with a $276,000 median sales price. Inventory has seen a 7.4% decrease with 5-months’ worth of supply. Lastly, condo sales are down 33% compared to last year with 306 sales last month versus 536 sales in August. Prices are up 6.4% at a median of $135,700. The median price in January 2015 was $97,000, so you can see a great climb going upward. Supply is down 7.4% with 5-months’ worth of inventory. We want everyone to be aware that there’s a huge need for inventory. Sellers: Now is the perfect time to list your home for sale. We can help you sell the home that buyers are desperately looking for. Please contact us and we’ll be more than happy to guide you through the process. Also, feel free to reach out if you have any other questions, need information, or simply want some advice. We look forward to hearing from you.
