August Home Sales

In an earlier post I mentioned that August is typically a slow month for the housing market, for a variety of reasons.  In fact, one fellow Realtor told me she thought August was slower than December!  Well, this past August was slow!

If we look at what happened in the housing market in August 2011 compared to June 2011, we find some interesting statistics.  The number of homes that sold in August in Sunset Village, Westmorland and the Dudgeon-Monroe neighborhoods has stayed virtually the same from month to month, but what changed in August versus earlier in the year was the final sales price for homes.

For instance, in Sunset Village, the prices in August dropped 19% from the prices houses sold for in June.  In the Dudgeon-Monroe neighborhood, the spread was even wider with prices dropping 37% from June until August.  The Westmorland neighborhood is the only area of the three that saw an increase in the average home sale price in August compared to June, a 114% increase.

Now, there are lots of parameters that could account for this.  The size and condition of the homes on the market, as well as the price.  Location, a long-time foundation of real estate transactions, could also be a factor (busy street, corner lot, etc.).

Whatever the reason, I anticipate (and hope!) that the market will pick up during the coming fall months.  Interest rates continue to be at historical lows and there are houses available for the right buyer.  The good news is all three neighborhoods continue to see fairly quick movement, at the right price.  It took less than a month for these homes to sell, when the price was right.

We'll have to watch and see what September brings.  In the meantime, here's what happened in August:

Sunset Village - August Sales 2011

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
118 S. Owen Dr.	$289,900	$289,900	$287,500	99%	99%	43	43
321 Westmorland Blvd.	$337,000	$324,900	$324,000	96%	99%	49	49
Average Total	$313,450	$307,400	$305,750	98%	99%	46	25.5

Westmorland-August 2011 Sales

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
4011 Winnemac	$179,900	$169,950	$160,000	89%	94%	46	24
526 Toepfer	$229,900	$229,900	$215,000	93%	94%	12	12
4116 Euclid	$284,900	$284,900	$278,000	98%	98%	12	12
Average Total	$231,567	$228,250	$217,667	93%	95%	23	16

Dudgeon-Monroe-August 2011 Sales

Address	1st Price	Last Price	Sold Price	SP/FP	SP/LP	Cum. Days of Market	# Days From Last Price Change Until Offer
3632 Gregory St.	$229,900	$229,900	$225,000	98%	98%	5	5
870 Woodrow St.*	$239,000	$239,000	$230,000	96%	96%	53	53
3526 Wyota Ave.	$289,900	$289,900	$260,000	89%	89%	44	44
Average Total	$234,000	$234,000	$227,500	97%	97%	29	29

*It should be noted that this property was first listed at $264,900 in 6/2009.  That listing expired in 1/2010 at which time the price had been dropped to $243,000.  The 96% SP/LP is based on the most recent listing, not the original 2009 listing.