The numbers from August housing market statistics seem to suggest we are finally headed back to some normalcy. The amount of closed sales for August 2021 actually decreased when compared to the same time period last year. This is only the second time in a long time we have seen total sales decrease year over year. It’s not anything to be ashamed of however, since the pandemic pushed a lot of the spring numbers into summer and even fall.
Active Listings were also down as compared to August of 2020 by almost 9 percent. This suggests that although numbers are headed towards normal, it will be a while before the market stops being a frustrating place for buyers. Especially when examining this next statistics
As you can see, this entire year the months of available inventory for sale hover around 1. As a rule of thumb, a normal market has 5-6 months of available inventory. This is why the market has been so frustrating for buyers. The lack of inventory is working to drive prices up.
We actually saw a slight drop in average sales price. As you can see from the graph this is typical of this time of year. With an average sales price of $435,086 we saw a 20% increase over where we were last year.
So What Does This Mean For Buyers and Sellers?
So what does all this mean? Things are starting to look better for buyers but we still have a long way to go. The ratio of sales price to list price still hovers at 100%. It is more important than ever for buyers to go in strong with an offer and have all their ducks in a row. You might not get a second chance. When you work with First Coast Realty, you get a team of network individuals standing by to make sure you dreams of homeownership become a reality.
To the sellers out there yes the market is strong but the indicators show we might have reached the peak of the seller’s market. Now is the time to sell. Call First Coast Realty to receive a complimentary Broker’s Price Opinion.
Whether you are looking to buy or sell, First Coast Realty would welcome the opportunity to earn your business. Feel free to reach out to us on Facebook or Twitter and we would be happy to assist you in getting the ball rolling. Or, to talk to a qualified, experienced agent call/text today 904-494-8408 or email email@example.com