September Monthly Market Report
September delivered the strongest monthly performance of the year in terms of transaction volume. However, while activity was solid, it did not break any records. Compared to the same month last year, there were three more transactions, but nearly all other key metrics were down: total dollar volume was 18.35% lower, and both median and average sale prices declined by 1.68% and 24.48%, respectively.
That said, buyer activity remained steady throughout the month, with 50 pending transactions currently on the books—80% of which are tied to offers made in just the past four weeks. This level of engagement is typical for the tail end of the peak season and is unlikely to carry through into the winter.
Inventory continues to rise, now sitting at 11 months of absorption compared to 9 months at this time last year. As a result, buyers are showing greater price sensitivity and looking for more flexibility from sellers. In September, final sale prices averaged 11% below original asking prices, with a number of homes selling at more than 20% off.
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