Real Estate Market Conditions, September 2016

Aptos Market Conditions September 2016

The inventory of homes for sale in Aptos fell by ten units in September but remained relatively high. Demand remained strong, with both pending and closed sales moving higher. While homes sold for close to their average list price during September, both the median sales price and price per square foot fell from August’s levels. September was only the second month in the past sixteen months that the median sales price was lower than that of a year earlier.

Demand were strongest in the lower end of the market, with homes priced under $800,000 having the most sales, while inventory was highest for homes priced at or above $1.3 million.

PRICES

September’s median sales price was $805,000, down 12% ($111,000) from August’s $916,000. September’s median was also 9% below September 2015’s $887,500. It was the first time since March and only the second time since May 2015 that the monthly median sales price was below the level of a year earlier. After hitting a record high in September, the price per square foot came back to earth, falling by 20.5%, from $678 in August to $539 in September. September was $39 higher than a year ago. The sales price to list price ratio was little changed from August at 99.7%. That was higher than September 2015’s 97.6%

INVENTORY AND SALES

113 properties were actively listed at the end of September, down ten units from August and 15 from a year ago. Pending sales, which had been climbing all year, finally fell by six units in September. 42 sales went pending during September, compared to 48 in August and 36 in September 2015. Because inventory fell faster than pending sales in September, supply fell from 4.9 months at the end of August to 4.0 months at the end of September. 29 sales closed in September, three more than in August but 11 fewer than a year ago. September’s closed sales were the highest since 40 closed in September 2015.

DAYS ON MARKET

Sales closed in September in an average of 34 days, down from 39 in August and 46 a year ago. Time on the market has been between 20 and 45 days for the past seven months.

Inventory and Pending Sales by Price Range

Under $800,000

21 homes priced under $800,000 were actively listed at the end of September, down from 31 at the end of August. Pending sales increased by four in this segment, from seven in August to 11 in September. While only 19% of Aptos’ sales were in this category, 39% of pending sales were here, showing the strength of demand at the lower end of the market. A 1.9 month supply of these homes was on the market at the end of September, down from 4.4 months at the end of August.

$800,000 to $1,299,999

44% of inventory at the end of September and 43% of pending sales during the months were of homes priced from $800,000 to $1,299,999. 50 of these homes were for sale at the end of September, six more than at the end of August. 12 sales went to contract during September, one less than in August. That increased supply form 3.4 months at the end of August to 4.2 months at the end of September.

$1.3 million and above

The inventory of homes priced at or above $1.3 million slipped in September, while pending sales were constant. Five sales went pending during the month. 42 of these homes were for sale at the end of September, six less than at the end of August. That cut supply relative to sales from 9.6 months at the end of August to 8.4 months at the end of October. 37% of Aptos’ inventory was in this segment at the end of September along with 18% of pending sales.

Check out these other Real Estate Market Conditions Reports for September 2016:

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