Since it typically takes 20-45 days after an offer is accepted for a home to officially “close,” the closed sales figures for August really represent offers that were made and accepted 20-45 days prior--in June and July. Because June and July are often the months of greatest listing and buying activity and highest list prices, August closed sales figures tend to hit record highs. This year was no exception, with the median sales price hitting $355,000—a new overall record high for our market and a continuation of record setting August sale price figures going back to 2016.
With many people adjusting to new back to school schedules, we tend to see fewer offers being made and homes being listed in late August and early September. This will likely mean we’ll see a big dip in the number of closed sale figures in next month’s report. However, with activity already starting to pick back up again, we can expect a typical spike in closed sales to show up 20-45 days from now, in October and November’s statistic reports.
Remember, although statistics may show there is an “ideal” time of year to buy or sell, the truth is that there are always people buying and selling, no matter the season or economic situation. The important thing is not whether it is the “ideal” time per market statistics but whether or not it is the “ideal” time for you. If you are considering buying or selling in the near future, please give us a call! We’d love to share more about what you can expect in the current market and help you decide on the best next steps!
Below are the current Ada County market statistics for August 2019 compared to August 2018:
Closed sales – 1,035 (down 9.7%)
Median Sales Price - $355,000 (up 6.6%)
Days on the Market - 32 (up 23.1%)
Pending: 1,630 (up 5.7%)
Inventory: 1,662 (down 1.1%)
Months of Supply: 1.7 (up 13.3%)
Here is months of inventory at each price point:
$159,999 or less: 0.9
$160,000 to $199,999: 0.3
$200,000 to $249,999: 0.3
$250,000 to $299,999: 0.9
$300,000 to $399,999: 1.9
$400,000 to $499,999: 2.3
$500,000 to $699,999: 2.8
$700,000 to $999,999: 4.1
$1,000,000 or more: 9.7