Here is a recap of the September housing market in Highland Park:
Sales and Inventory: Property sales were UP for the month of September – 19 homes sold vs. 15 a year ago. However, compared with August sales, the numbers were down: 23 Highland Park homes sold last month. The total number of homes for sale in September was 307, down from 316 the month before and way down from 386 in September of ’09. The number of new listings in September was 46 down from 53 last month and 51 from last year. There is still high ratio of inventory to actual sales–consider that there were 46 new listings in the month of September with only 19 sales–supply is still outweighing demand and we have a 16.2 month supply of inventory to clear out.
Prices: The median sale price in September was $550,000 – 29% higher than last September and 22% higher than last month. The average sale price was $787,671, which was 52% higher than last year at this time and 20% higher than last month. Keep in mind that while this is positive news for all you sellers out there, it is important to note that this report is not comparing the characteristics of each home sold: it is more than likely that buyers’ money is buying them more house this year than last. In other words, just because average and median sale prices are increasing, it does not mean that home values are increasing. We are still in a supply heavy, depreciating market, leading to still depressed prices overall. This means it’s a great time to buy, especially considering the incredibly low interest rates!
Days on Market: An upward trend in DOM indicates more of a buyers’ market, while a downward trend indicates a sellers’ market. The DOM for September was 113, up from 98 days last month and up from 106 days last year.
Attached is the complete report.
If you have any questions at all, feel free to ask!