Area Real Estate Sales Decline in August

Residential sales activity recorded through the MLS® System of the Georgian Triangle Real Estate Board came in below year-ago levels in August 2011.  Home sales numbered 147 units in August. This was a decrease of 15 per cent compared to August 2010.
  On a year-to-date basis, activity was running six per cent below level in the first eight months of 2010, but remained above levels over the same period in 2008 and 2009.  Both new and active listings are currently running at elevated levels. New residential listings numbered 455 units in August 2011, up 17 per cent from a year earlier.  There were 1,799 active residential listings on the Board’s MLS® System at the end of August 2011. This was an increase of eight per cent from levels at the end of August 2010. 
  There were 14.7 months of inventory at the end of August on a seasonally adjusted basis, up from 12.1 months in July. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
  The value of all residential transactions in August was $42.2 million, down 16 per cent from a year earlier.  Total sales numbered 173 units in August, a decrease of 14 per cent compared to the same month in 2010. The total value of all properties sold in August 2011 was $48.5 million, down 18 per cent on a year-over-year basis.
  Please feel free to contact me without obligation for information about market conditions in your specific area.