As the hot days of Summer wind down, so do our average sale prices, with most price ranges seeing a year-over-year decrease of 1.5-2.0%. Average price per square foot was down about 0.5% from July. The monthly decrease is normal as the luxury market drops out during the hottest months of the year, while the year-over-year we would not classify as seasonal. Buyers are a bit timid as the economy is still an unknown with rapid changes in government and policy occuring over the last several months.
Typically we would see a small uptick in sales during September and early October before heading into our usual holiday season slow down. We’ll keep an eye on the stats to see if we are following typical trends or not as we head into the fourth quarter.
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