Year To Date Sales Remain Strong
Year over year January through August single-family home sales remain strong with 351 homes sold to date in 2021 vs 298 in 2020 – an increase of 18%. We see the same trend in overall sales volume, which saw a 43% increase year over year ending the year-to-date at $329,473,587 with rising prices and continued demand for properties responsible for the continuing uptick.
Low Inventory Means Less Sales, Less Overall Volume In August 2021
For the second month in a row the number of closed transactions is lower in a given month than what was seen in that same month in 2020. There were 58 sales in August this year, a decrease of 19% from the 69 sales in August 2020. There was also a 7.5% decrease in the overall sales volume with August 2021 coming in at $55,711,650 vs $60,211, 700. Given the buying cycle, homes closing in August were most likely to have been purchased in June – the key time observed for the large exodus of buyers from NYC in 2020. It’s also a sign that limited inventory is making it hard for buyers to find homes – the main limiting factor in real estate right now.
Prices Remain High With No Sign Of Dropping
Another result of the limited inventory is that the price of homes continues to remain at all time highs. Mortgage rates are holding steady, and values are showing no signs of slipping. While the market is not as frenzied as previous, homes remain in high demand with buyers chomping at the bit to make to a move. In August alone the median price was up 13% year over year from August 2020 landing at $835,000 vs $740,000 a year ago. Year-to-date, the median home price is 28% up year over year sitting at $825,000 vs $645,000. The average price in August 2021 is up 10% at $960,546, while year over year it is up 22% at $938,671.