The third quarter of 2019 – reflecting activity during the summer months – was a little slower than anticipated. However, anecdotally it has been busy fall and we hope to finish the year strong posting sales that are similar, or even above those of last year.
In year-to-date figures, the number of properties that sold is reported at 257 compared to 262 last year. Overall, a total of $180,307,075 transacted by the end of Q3 2019 in contrast to $187,318,490 by this time in 2018. Total Sales Volume was down 2%, and Median Sales Price also showed a slight decrease from $640,630 in 2018, compared to $635,000 currently. However, in anticipation of Q4, there are already 28 homes with accepted offers and 17 under contract set to close. There are 247 properties actively for sale at this time, and with new homes launching on the market daily, we expect sales to continue to rise over the coming months.
In Q3 figures itself, the number of sales stayed similar at 108 in Q3 2019 compared to 113 in Q3 2018. The average days on market has taken a slight jump this year to 125, up from 99 last year. The average sales price decreased 7.5% this quarter compared to the same time last year and sits at $715,638. The median sales price dropped to $650,000 from $670,000. Homes are still selling at 96% of the listed value.
In mortgage news, 30-year fixed mortgage rates have remained at record lows, sitting at just under 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $800,000 range for single-family homes. Unfortunately, the luxury market is not as strong as in 2018 with only 5 properties sold over $1.5 million YTD as compared to 12 by this time last year.
As we move into the busy buying season prior to the Holidays setting in, I am optimistic by the amount of activity we have seen in the market in just the first few weeks of Q4. If you are interested in listing your home for sale before the end of the year – or picking up an end of year purchase – we would love to learn more about your needs. Contact us today.
To see a snapshot by price, click here.
To see how 2019 shapes up against 2018, click here.