The market stayed steady in the third quarter compared to the second quarter as the summer buying season finished up. There were 28 sales in the third quarter, the same amount as the second quarter but quite a bit less than one year ago (39). The average sales price ($275,484) was down a tiny bit from last quarter ($282,759) and flat from one year ago ($274,834). Average Days on the market(26) has increased from last quarter(18) and a year ago(15).
The third quarter was another strong time for the Neighborhood but currently the market is starting to slow down a bit as we head into the winter. The inventory (available homes for sale) is the highest it's been in a few years. That means the sellers are having to compete with each other on price and getting the buyer's attention. And buyers have more to choose from, so they are being a bit more selective. I expect that to continue through the winter until we get to the start of Spring in 2015. However, the properties that are priced competitively and show very well are still getting sold. It's the over priced listings or the ones that are not in good condition are sitting and not selling right now.
The third quarter was another strong time for the Neighborhood but currently the market is starting to slow down a bit as we head into the winter. The inventory (available homes for sale) is the highest it's been in a few years. That means the sellers are having to compete with each other on price and getting the buyer's attention. And buyers have more to choose from, so they are being a bit more selective. I expect that to continue through the winter until we get to the start of Spring in 2015. However, the properties that are priced competitively and show very well are still getting sold. It's the over priced listings or the ones that are not in good condition are sitting and not selling right now.
