September Data

Now that September is over we can begin to take a look at some sales data.  The slowdown of existing home sales continues and the prices decline slightly.

In September there were 5554 homes sold which is a decline of almost 11% from August.  The average purchase price was 325,806 which is a 1.66% drop from August. There are over 20,000 homes that have been on the market more that 90 days!!!  This means that there are at least 20,000 homes that are over priced and I am sure there are even more than that.  I believe the number of homes on the market will decrease significantly over the next couple of months.   Those sellers who don’t need to sell will start cancelling their contracts or will start letting their contracts expire as the holidays get closer.  The sellers who really need to sell will have to start lowering their asking price.  We are coming into what is typically the worst time of year to sell your home.  If at all possible, get it on the market now or wait until next year.