August 2008 Stats

Good afternoon & Welcome to September!   I just ran last month's stats and I was astonished to see how many homes went under contract in August compared to previous months - 815!! That's nearly 200 more than July. Now this could be for several reasons, but the important factor is what it means to your current buyers and sellers.  

#1 - If you have a buyer that is on the fence - tell them about the activity. I have a buyer that has been beaten out handedly by multiple offers twice in the last 2 weeks. He needs this message. It's not just him. Tell your buyers to get realistic with their offers. There are more buyers writing contracts now than in the last 3 years.  

#2 - Prices are continuing to drop - last month's median sold price came down to $195k. This is great news for affordability. Experts predict the low end of the prices to bottom out, but upper end prices to continue to drop. Talk to your sellers about staying ahead of the market. The median price came down 5.6% last month. How about your price reductions? Are they staying ahead of the market? Are you strong enough in what you are asking for?