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3rd Quarter real estate update

3rd Quarter Real Estate Market Review

Here are the statistics after the 3rd Quarter for single family homes only…

— Average price per home was up 9%.
— Inventory has increased to an average of 6.6 months, but there is still a big spread among price points. There is 5.1
 of months of inventory for lower end homes and 7.6 months of inventory for the higher mid range. The high end has about 11.7 months of inventory.
— Showings per listing per month have decreased to 6.1 from 9.3 earlier this year, mostly due to the expiration of the tax credit.
— There were 2,930 homes under contract in September 2010 compared to an average of 4,250 homes in the last 3 Septembers.
— Sold homes decreased 18% in the 3rd Quarter compared to only a 1% drop in the first two quarters.
— Home prices in ALL price ranges were up in Q2 2010 compared to Q2 2009. The highest increases were seen at the low end (15%) and the smallest increases were seen at the high end (3-4%).

If you have any questions about the market, contact me today!