Hey everyone, it’s Jordan Quaresma from RE/MAX Rise, and it’s time for your monthly market update, this time for August 2020.
So, last month we saw an average sale price of $495,000, for a year-to-date total of $459,000, which puts us just below, just under 10% over last year. Average days on market were 21 days for last month, and we’re seeing a total new listings 323 for a total inventory of 264.
Now, I thought this would kind of be a good time to kind of do a little blast from the past from the total inverse market from what we’re seeing today. So, this time we’re going to look at august of 2016. Now, this is a little weird going back this far, but it kind of gives you an idea as to why the market is doing what it’s doing, and we’re seeing numbers that we’re seeing.So, in August 2016, we saw an average the sale price of $343,000, a little different from today, I would say. Total days on the market we’re at 57 days on market. This is the biggest thing; I said for last month we’re at 364 total listing inventory, okay? In 2016, we were at 844. So, you kind of see the difference of the total listing inventory, the days on market, and how that plays in the average sale price. So, I thought that it would be kind of cool to do a little retro-look as to what a buyer’s market looks like, what a seller’s market kind of looks like, and how important inventory levels really are. Right now, we’re at an all-time low. So, we can really see the average sale price really increasing, especially in those competitive ranges.
That’s your monthly market update. If you have any questions, feel free to reach out. Until then, stay safe, and I will talk to you soon.