September 16, 2021
Real Estate

Market Watch: Residential Market Update for August, 2021

The market continues to be dominated by the lack of inventory of residential homes for sale. There is currently 2.9 months of inventory, which is the amount of time it would take to sell all homes currently on the market at the current sales pace.  The number of new listings in August of this year compared to last year decreased by 24 percent and our active listing count is 30 percent lower than at the same time last year. This has resulted in the slowing of our booming sales market. Year-to-date, our sales have topped $393 million in residential transactions with 924 homes sold. While the dollar volume of the transactions rose this year by 27 percent, the number of homes sold decreased by 2 percent compared to last year. Despite slower sales, our median sales prices continued to rise, up 1 percent in the…

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