Looking back over the summer, it is interesting to see how August started and then finished off in the real estate market. It just goes to show that you can never completely predict what a market will do.
Although it was a busy month, the stats show a different picture depending which areas you look at. We'll start by looking at homes with acreages to see how it compared to 2012. The number of sales from August 2012 & 2013 stayed the same but when you look at the number of listings that went into the market, August 2012 definitely saw more action than we did this past August. The median price of a house with acreage was identical to last year at $310,000 but we saw the average days on the market were substantially longer this year with almost 20 extra days on the market before the properties sold.
If we go over to the manufactured homes on land, we'll see very little difference from last year. The year to date number of sales were identical but the median price of a property rose this year by $5,000. We have been seeing more interest in these types of properties as the number of days in the market over the year has reduced from 101 days to 85 this year.
The most popular analysis is of course your residential properties. The number of sales for August was 14, up 2 from 2012. The median price for August fluctuated quite a bit but the overall price for the year was only down $2,000. It is great to see our prices staying fairly solid. The days on the market were also on target compared to last year. The only area that saw a huge difference was the number of listings. Last year in August, we saw 31 listings come online. This year we only saw 14 residential properties. This difference resulted the year to date new listings to also decline by 20%.
So when you look at the overall picture of all the different properties that are listed from townhomes to recreational properties to residential homes, the overall new listings that came into the market in August were down compared to 2012. It is good to see that properties are moving a little faster than last year but the overall average sale is slightly down from last year. But what is great to see is that properties were selling at approximately 95% of the listing price so it is good to see that properties, for the most part, are being priced according to the market.
If you would like to see where your property would fall into this market, give me a call for a free market evaluation. We can take a look at your property in comparison to the current market and see if it is time to put it out there.