September Market Update
Hey everybody, Jon Sump here with The Home Brokerage, bringing you another market update. This is for the month of September, going back through July and August. We're going to be doing some comparables and at the end of it we'll talk about September.
So right now, for August compared to September, August was a little bit down for number of homes sold, but just barely, only 2%. The number of homes that came on the market, inventory, was also a little bit down. About 26% compared from July through August. The properties that went into contract however, was up about 10% as you can see from this chart that's up here. So as you can see here we're having some slight movement, but it's traditional movement for this time of year as well, except for the fact that inventory is so ridiculously low.
If you look at this next chart right here, it's talking about the average price per square foot and as of mid August, it had gotten to about $207 a foot. And that's for all of Lodi and Stockton combined. So, you know your area might be a little bit more, it might be a little bit less, but that's the average for all of Stockton and Lodi.
In this chart here, you'll notice that the average days on the market was 34 days, and the average sold price to listing price was 98%. Meaning the asking price, everything's selling about 2% under asking price on average.
The next chart you'll see here is this one here, which has to do with the price sold and the price for sale. The price for sale is averaging about $430 for both markets but the price sold is only about $350. Not saying that houses at $430 are selling for $350, but there's more homes available for sale than there are selling, and those homes that are more available are in the higher price ranges. So that's what gives you that $430 average price for sale. But the average price sold is $350.
This chart here shows you exactly how we are such a sellers market and it's because of the months of inventory, supply and demand. If you look at it, we're barely at 1.9 months of inventory, a little bit under two months worth of inventory, which is still a sellers market. We really got to cross over that four to six month supply to be able to be in a buyer's market. Between three and five is kind of a neutral market, I think five and over is a buyer's market. So we're still in that seller's market. We got to get that inventory up.
This next chart here, I've just to find it real quick, bear with me. Okay. This one shows today's stats, and you can see here this compares from August 1st to August 15th compared with September 1st to September 15th. You'll see that we were up almost 9% as far as inventory, so homes for sale, went up to almost 10%, about 8.6 roughly, but the number of sold homes dropped 21%. Pendings stayed the same from August through September 15th. So the first half of both months we're seeing pendings stay the same, inventory up, sales down though. So that's an interesting phenomenon there as well. Hopefully that means our inventory is starting to build up again.
Hopefully this was great for you and you really appreciate all this information. Do me a favor and like and share it, also check it out on our our YouTube channel and as always, make it a great day.