What happened in September?
After averaging nearly 100 new listings for the previous four months, the busy listing season slowed a bit with only 63 new properties hitting the market in September. While it is lower than levels seen in May, June, July and August, September’s new listings still outpaced typical winter / spring levels. The volume of all new listings last month was $92 million dollars, less than one-third of the monthly average of $300 million during the busy summer listing season. The average listing price dropped significantly down to $1.4 million from highs of $4.2 million seen in June 2019. The median listing price also dropped, down $470,000 to $1.125 million in September. The biggest change in the price breakdown was in the high-end ($3+ million). After seeing an average of 24 new listings a month in this price range, only 7 of these high end listings came on the market in September, including two Pine Glades Townhomes on Snow King (listed for $3.25 million and $3.95 million). The entry-level (under $500,000) increased slightly in September with 6 new listings including the last available Virginian Village condo at $327,500 and a deed restricted Town Creek townhome for $350,000. While new listings in the local’s market ($500,000 – $1 million) remained consistent in September, the majority of new listings were in the $1-3 million range however still represented 20 fewer listings than seen in August.