September was an average month for Sales, 64, down from the previously two months; 76 & 84, and down from September ’18, 66 sales, and now exactly equal to the 13-month average of 64 sales. September is traditionally a busier month for sales because it’s the beginning for the “fall market”, so it’s a little disappointing to see the sales lower across the board.
Average prices, $623k, are up from September 2018, $579k, or +7.5% year over year! Average prices are also up from August ’19, $603k, and again above the 13-month average of $591k! Townhouse average sales prices, $464k, are also up from last year by +4.8%, but down from August and July ’19, and now below the 13-month average of $473k.
Active listings, 228, are up slightly from last month’s 219. This is too be expected because traditionally people don’t sell in August and wait for the fall to sell. Months of Inventory, 3.6 are up from last months, 2.9 and now above the 13-month average of 3.5. Anything below 4 is a seller’s market and should mean prices are rising, but the drop in sales for September increased this measure. Days on Market are up to an average of 43 days, higher than last months, 32, and now higher than the 13-month average of 40 days on market.
We are in a very good, healthy market, with sustainable growth. Prices remain higher than this time last year and continue to keep trend for 2019 of over $600k on average. It obvious now what a strong month August was! Interest rates are down over 1% from the beginning of the year, which is great for the market and helps with affordability. Months of inventory have been low, which means the market is strengthening, and prices will continue to increase. Buyer do not have immense time pressure, and can take a bit of time deciding on homes. Sellers with nice, move-in ready homes that are well priced are in very good positions right now. October numbers will be very interesting to see if sales pickup when things traditionally are active in the fall.