We had 162 closings in the month of September. (This is all closings, residential, commercial and land). This number is the highest for the month of September for the past 6 years. In the residential market, we have between 6 and 7 months of inventory market-wide: 9-12 months of inventory over $2 million, (strong buyers’ market), and 3-4 months of inventory under $1 million, (balanced to sellers’ market). The median price has been flat for the past 3 years at around $850,000; even though prices have continued to slide down over the past 3 years, a steady increase in the number of sales over $1 million has kept the median steady. We are now seeing around 35% of our closings over $1 million, up from 18-20%.
If you have any questions about these statistics or would like to speak to Kelly directly, give her a call at 805-895-4406.