244 single family homes sold in September, up from 215 last year. 345 condos sold, up from 305 last year. This is the first month this year that both single family and condo unit sales both exceeded prior year in the same month!
Sept single family median sales price was $600,000 vs 2008 at $590,000. This represents a $10,000 improvement vs prior year.
Sept condo median sales price of $305,000 was above prior year by $9,000. Last years median price was $296,000.
The question is, Does this represent a trend? Are we on the verge of transitioning from a Stage 4 market to a Stage 1 market?
Will unit sales and prices rebound in the fourth quarter vs prior year, remain level with prior year or exceed prior year?
With the activity generated by the first time home buyer credit and continuing low interest rates, it'll be interesting to see if the median sales price in Oct for single family homes and condos exceeds the median sales price in 2008. If it does, that would be the second consecutive month. Three months in a row would constitute a trend.
I expect it will remain fairly level as long as inventory levels remain below prior year and days on market remain under 60 days and interest rates remain low.
What does this mean to potential Buyers and Sellers?
Contact me, Dwight Ellis at 808 351-1507 or dwighte@cbpacific.com to schedule a private consultation.
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