August continues the recent declining trend in our market.
“The average sale price for August 2008 was down 9.7% compared to August 2007, while the median sale price dropped 6.7%. Month-to-month, the average sale price and median sale price are both down when compared with July’s levels; the average sale price dropped 2.7% ($331,300 v. $340,500) and the median sale price was down 2.8% ($280,000 v. $288,200).”
As mentioned last week, the report has changed how days on market is computed. Total Market Time now captures any continuous listing as long as it hasn’t been off the market more than 30 days. Canceling and relisting a property within 30 days will no longer make it appear to be a new listing. Total Market Time for August is 121 days.