August 2021 Reported A Seasonal Slowdown
The transition from July to August felt like a shift as vacations slowed down in preparation for the school year. The report saw this reflected in the days in MLS, which increased from nine to 11 in August 2021. Likewise, the close-price-to-list-price ratio dipped ever so slightly month-over-month.
Month-End Active Inventory Dropped Dramatically
Month-end active inventory dropped 11.69%. Historically speaking, the change in inventory is relatively consistent from July to August.
Both Inventory and New Listings Decreased
The short-lived “loose grip” on inventory tightened once again. Months of inventory decreased from the previous month to 0.637.
The Luxury Market Remains Strong
In August 2021, the Luxury Market stayed strong overall. New listings dipped 18.56% from 598 homes to 487 and closed sales were down 13.97%, with sales volume trailing behind with a 12.65% lag. Following the trend of sluggish numbers, the average days in MLS shot up 71.43%, from 14 days in July to 24 days in August.
Detached Homes Experienced a Shift but Fared Well
In August, detached homes reported 413 new listings and 410 closed properties. However, new listings dipped by 19.34% from last month, while closed sales dropped 15.98% from 488 homes to 410. The most promising news in the detached market is that pending sales climbed slightly month-over-month by 8.24%, with 407 homes currently under pending status.
Attached Homes Marched to a Different Drum
New listings were down 13.95% to 74 while pending sales dropped 24.24% to 50 homes. Closed sales increased slightly from 49 homes to 52 resulting in a slight increase in sales volume. Average days in the MLS jumped 100% from 30 days to 60 days, while the median days jumped 83.33% to 11 days.
*Written September 10, 2021. Updates may be available after this date.