Last week didn't see a whole lot of new activity, which isn't terribly surprising considering the holiday weekend. Some families were likely away for the long weekend, and the sweltering triple digit heat probably didn't help drive traffic to open houses either. Still, inventory didn't take as big a hit as it often does over holiday weekends.
For what it's worth, our market snapshot from this year's labor day weekend looks much different from last year's, when the average sale price was $1,496,091, at $890 per square foot. Sales that closed that week sold in an average of 35 days, and at just over the average list price. This year, our sales price is about $325,000 higher, and our price per square foot nearly $200 higher. And while these are small sample sizes to compare with one another, it is fairly evident that persistently low inventory throughout this year has kept upward pressure on home prices.
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