The RMLS just released the statistics for the month of August, and they reflect what we've been seeing in my office. We continue to see pretty big increases in activity; the amount of pending and closed sales. There were 9.1% more accepted offers in August 2012 than in August 2011, and essentially no change from July 2012. Similarly, closed sales were up 28% in August 2012 when compared to August 2011, and up 17.1% over July 2012.
Prices continue to show gains. The median year to date sales price rose 4.5% when comparing July 2012 to July 2011; $230,000 compared with a median year to date sales price of $220,000 in 2011.
Inventory, the number of homes available on the market fell again such that we are back to 3.9 months of inventory. That is, at our current rate of sales, it would take 3.9 months to sell all available properties.
So far in September, we are seeing a wee bit of normal seasonal slowing, but expect we'll also see healthy sales activity from mid-September to Thanksgiving. There are often pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out. Getting a sale closed before the holiday can be sort of a last ditch effort. Many investors make a habit of buying in the fall. Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers.
I'd be glad to talk with you about what is happening in your neighborhood. Give me a call at 503-312-8038 or email me at firstname.lastname@example.org.
Read the full RMLS report here.