September State of the Market

September saw a big reduction in new listings coming on the market compared to last September.  Year to date data shows that the amount of new listings so far this year is very similar to last year for single family homes but substantially less for condos.  Also, September had a big reduction in average and median sales prices for both single and condo homes.  Looking at the year to date figures, single family homes have a significant drop in average and median sales prices whereas condos have a substantial increase!

Another noteworthy piece of information is the significant increase of "days on the market until sale" for September.  For single family homes, the days on the market for sale were 44 last September compared to 221 for this September.  For condos, the numbers were 52 and 88, respectively.  Furthermore, there is a big difference between single family homes and condos with regards to "days on the market until sale " year to date.  Whereas the "days on the market until sale" for single family homes is up 63.2%, it is down 10.8% for condos.

Finally, the inventory of single family homes for sale is up 7.8% while condos are down 38.3%.  The result can be seen in the current inventory of certain condo communities.  For example, there is only 1 listing in Mariners Cay, 3 listings in Charleston Oceanfront Villas, and 1 listing in Waters Edge.

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