Last week we pulled back the curtain to give you a behind the scenes look at what is happening in the real estate market in the Bay Area, the Washington DC Metro Area and Seattle. Mixing our proprietary market data with our agents’ on-the-ground insights gave us a solid look into the trends that shaped the September housing market.
A few national trends caught our eye:
Sales Volume Keeps on Dropping: The Bay Area had one bright spot in Marin County, but other than that untouchable enclave the number of homes sold dropped anywhere between 7% – 23%. The Washington Metro Area experienced a huge slow down in the number of homes sold by as much as 23% – 45% across the board. In Seattle the slow down wasn’t quite as precipitous, but it was down by 16.6% overall. The bottom line is: Sales volume is down pretty much everywhere we looked.
Sporadic Bursts of New Listings: The number of homes coming onto the market has stayed extremely flat with some freak exceptions. Alexandria shot up by 19%, but this is mostly due to the lack of new listings the month before. San Francisco shot up by 21%; unfortunately our agents are not seeing a surge of fantastic new listings flooding the market, instead they are seeing the same old listings and that isn’t making anyone very excited.
Median Price is Not Budging…Yet: We are not seeing a huge swing in the median price of homes in any of the markets. This probably won’t hold true throughout the brutal days of winter and we expect to see some more movement in the coming months.
Have you seen any trends in the housing market? We’d love to hear war stories from people in the thick of the real estate market. Post something below and spark a discussion.