August Real Estate, By The Numbers

Typically, August is a slow month for real estate. What we do find exciting is that new listings are up 25% from this same time last year for single family homes and 14.2% for condos. The median sale price for a single family home is up 17% from this same time last year. The price for condos is up 27.8% from this same time last year.

Inventory remains low for both categories of real estate. Single family homes have a 4.5months supply of inventory which is -18.2% from this same time last year. Condos have a 4.9 months supply of inventory which is -25.5% from this same time last year. Anything below 5.5 months supply of inventory indicates a seller's market.

Closed sales for both categories remained relatively the same in August compared to July;single family homes went from 1,051 in July to 1,044 in August and Condos went from 670 in July to 639 in August. Both categories did increase slightly from this same time last year; single family home closed sales are up 3.7% and Condo closed sales are up 17.9%.