The county gained 88 new residential listings for sale this past week; which is the exact same as last year for the same week. The newly under contract listings are the same as well and the sold listings this past week almost doubled those that took place last year for the same week.
The county’s inventory of residential properties for sale is still about 11% down from last year and our properties that are under contract has dropped from 30% ahead last week to 24% ahead this week with 170 pending sales. The sales so far this year are 12% ahead of last year and the average sold price is down -6%.
Breaking the county in half shows the North Side of the county at a 34% increase in sold properties and a 7% increase in average sold price. The South Side is down -12% in sold properties and down -7% in average sold price.
Taking a closer look at the price band sales on the North Side of the county shows the under $500,000 sold price range is up 23%, the $500,000 to $1m is up 63% and the $1m plus is up 83% in the number of properties sold. The average sold price is up 1.5% in the under $500,000 band, up 2% in the $500,000 to $1m band and down -17% in the $1m and up band.
Taking the same observation of the South Side of the county shows the under $500,000 sold price range is down -16%, the $500,000 to $1m is up 11% and the $1m plus is down -42% in the number of properties sold. The average sold price is up 1% in the under $500,000 band, down -4% in the $500,000 to $1m band and up 5.8% in the $1m and up band.
That closer look appears to be showing us that the change in average sold price this year is strongly driven by the increase in the number of over $1m properties selling on the North Side and even though they are selling at 17% less than then $1m price band did last year at this time their numbers are helping to improve the average sold price. For the North Side the 63% improvement in the number of properties sold in the $500,000 to $1m band is also pushing the average price up. On the South Side, however, the decrease in the number of over $1m sales is pushing their average price downward; coupled with the increase in the number of properties sold in the $500,000 to $1m band at a -4% lower average sold price.
Always interesting. If the county continues at the 12% improvement in the number of sales by December 31st there will be 566 listings that are currently active today that will be left unsold or about 40% of the current inventory of available properties will not sell by year end.
RE/MAX Properties of the Summit