Has the Real Estate Market Settled Down?

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Real Estate

As we head in the Fall, the real estate market has experience the return of a slightly more normal pace of doing business for those looking to buy or sell a home.  Initial trends also indicate a temperance in the levels of sales and price increases.  However, while the mania may have settled, it is important to note that prices are still trending upwards.  This is because a lack of inventory remains the dominating factor affecting current market dynamics.

Following are the latest numbers for Single Family Homes in 32578.

The average sales price for sept 2021 was $447,665.  This was down 5.06% from August but 1.57% higher than Sept 2020.  Unlike the spring and summer months where sellers where receiving offers significantly over asking price, August and September cooled off.  The sales price/list price ratio was 101% for Sept; indicating selling prices on average were at or slightly higher than asking price.  This was a change from August where it was 98%.  The average days on market (DOM) has been increasing since July and was 28 for Sept.  The average $/ft2 for September took a slight dip from the previous month to $216.  However, this was still an increase of 16.13% from Sept 2020.  As of October 1, 2021 the months of sales inventory (MSI) was less than 1/2 a month (essentially 0).  So, still very much a seller's market.