After five straight months where sales were equal or outpaced last year, September brought a significant downturn in the number of closing — nine versus 16 in 2011, or 40+% less. The median sale was below $700,000, disappointing on its own and emphasized because it is more than 10% below last September’s median. The average sale price was down almost 6%. Inventory rose to 189 properties, the highest level for Oct. 1 in the last six years with the average price about $90,000 above last October, but below 2006-2010 levels.
The drop-off in September closings had a major effect on year-to-date performance. While closings are still running 24 houses ahead of 2011, that is down to a 17% increase. The median sale is 9% below last year with average sales price 15.5% behind last year. The most glaring change is that for the first time in several months total revenue for single-family houses was below the 2011 level (even with 24 more sales,) if only by slightly more than 1%.