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There is actually encouraging news in this month’s numbers. Although the statistics still favor buyers over sellers by a large factor, that gap narrowed in the past month. Consider the fact that there were 18 sales that closed in the past 30 days (as of this writing) compared to 11 for the same period last year. The average price of the homes that recently sold was $2,398,000, which was almost exactly the same as last year at $2,405,000. However, the homes that sold this month were slightly smaller, so the average dollar per foot increased from $544/ft. to $564/ft. This was also an improvement over the average for the entire past twelve months during which time 205 homes were sold (17 per month) at an average price of $2,143,000 or $546/ft.

Of course, this is just one month, but it is encouraging to see the statistics moving in a positive direction, in particular with how difficult it is to obtain a loan.

As we move into the holiday season, we will likely see homes dropping off the market, as people don’t want to be disturbed this time of year. However, keep in mind that buyers in fourth quarter are typically more serious than at other times of the year. Please consider the Csira Group if you have any questions or needs related to real estate.