The month of September saw a sharp drop in sales from the previous month, and also September of the previous year. There are several reasons for this.
Total sales of single family homes for the month amounted to 907(
-372), much less than August, with 1,279. It was also notably less than September of the previous year when 1,140 homes sold.
Interestingly enough, for the second month in a row, the most active price range was the $250,000-299,000 category, with 171(
-86 compared to August,
-24 compared to Sept 2016), or 19% sold for the month. Second most active, the $200,000-249,900 Category, hosted 156(
-65/Aug 2017,
-44/Sept 2017) or 17% of sales.
Sales of Luxury homes over 1 million rose to 33, from 31 compared to August, and 27 from last September. Sales of all luxury homes over $700,000 were down a bit, at 97(
-7 compared to August), but higher than last year, with 84 sales.
Continuing to signal a red-hot market, 532, or 59% of homes sold within 30 days. It is notable that the number is a bit down from August, which hosted 794, or 62% of homes within 30 days.
Homes financed with conventional financing represented 48% of sales(434), the same percentage
as August. FHA saw 15%(140), while 22% of homes were purchased with cash(203). VA financing represented 6%, the same as August, with 54 sales.
So why the steep decline? Simple. It is normal to see a slowdown with back to school, as parents don’t want to move now during the school season, but, in addition, Hurricane Irma threw a lot of things out of whack. One of my sales was delayed pretty significantly after the hurricane hit, and it has caused a disruption to the normal sales process. It will be interesting to see how soon we get back to a normalized state of sales.
Homes are still selling at record speeds, and prices are higher than ever before. Each sale is more and more competitive, and it is a great time to sell. Do you know how much your home is worth? I do…click
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Buyers must be equipped and prepared to enter strong offers, with agents that actually know how to get things done. Getting ready to buy? Click
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