Quarter 3 of '16 (July - September) closed last week, and there are a couple interesting takeaways from the quarterly market statistics.
Despite the fact that inventory and average days on market have both increased more than twofold since the beginning of the year, prices have remained remarkably stagnant. Price per square foot numbers in Quarter 1 ($862) are virtually identical to our quarter 3 numbers ($863). Elevated inventory has halted price growth for the time being, but has not yet managed to put any downward pressure on prices. In fact, our average sales price has actually increased slightly from Q1 to Q3 - from $1,406,710 to $1482,170.
If buyer activity doesn't pick up this Fall season and we cruise into the holidays with inventory around the 60's, we might finally start to see some downward pressure on prices. Stay tuned.
See below for your weekly report:
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