Front Lines

As we enter our fall market, the numbers are looking good although things have slowed a bit.  Townhome inventory has crept up to 61 in July and now 65 in August.  This is the high water mark for the year and up noticeably from the 49 available in June.    The good news is that it is less than the 78 we had last August. The number of townhomes that came under contract is the bad news as it continues to decline from 68 in June to 54 in July to only 41 in August.   This is also well below the 68 we sold last August.  This is the first time we have sold less than the amount of existing inventory in a month since January.  Typically we are seeing inventory drop as we enter the fall, not increase so this will be something that we will need to watch.   There is good news in that the average list price of the townhomes that have come under contract so far in 2012 is $301,268 up from $288,486 in July.  Average Days on Market is still a strong number improving from 29 in July to 23 in August, also better than the 35 in August of 2011.   Single Family home sales were similar statistically.  Single Family inventory dropped from 56 in June to 48 in July to 45 in August.  The number of sales continued to decline from 39 in June to 36 in July to only 20 in August.  The only two months where we have had fewer single family homes sell were January and February.  It is typical to see inventory drop as we head into the fall market but usually we see a little more activity right before school starts.  The average LIST price of the homes that came under contract for YTD 2012 stands at $532,116 which is up from $502,725 last year and is the highest number since 2007.  Average Days on Market did continue to increase from 23 in April, 32 in May, 43 in June and 43 in July to 48 in August.   Year to Date 2012 has been a good year for real estate in Centreville; we have seen appreciation and over all the numbers look good.  New homes sales are robust and builders are moving forward with confidence.  There is construction and ground breaking going on everywhere you look.  Foreclosure and short sale activity is still out there but not at numbers that we have seen in past years and not at numbers that should have a noticeable impact.  I think things have paused as election year jitters have finally taken a hold and because activity typically slows a bit in the fall anyhow.  As our market continues to unfold, I will, as usual, keep you informed.