SEPTEMBER DEJA VU, AKA AUGUST TWO

Buyers Also Took September Off

Last month I wrote about how homebuyers seemed to take the month of August off (“Most years see a dip in pending sales in July… we typically see a rebound in pending sales in August”).

Well, this month is more of the same, as we saw just 20 pending sales (demand), which is the lowest on record with the exception of the 17 seen in September of 2023. Prior to 2020, the average number of pending sales for September was 30, so we saw 50% fewer pending sales than we knew to be normal in the good ol’ days. 

To highlight the continued trend from July to August as August moved into September, those 20 pending sales were a 48.7% MOM decrease; the sharpest drop MOM drop between August and September ever seen, even more than 2023’s drop of 43.3% (average pre-pandemic MOM decrease was about 23%). 

Lastly, in looking at my Frenzy Factor – the number of homes that sold in a week or less each month – just 18% did so. This is a figure to be expected in December or January (it was 6% in January of this year), as most Septembers prior to 2020 saw about 33% of homes sell in a week or less. 

My takeaway for the month? The pace of sales is slowing. Are we in for a crash? Hardly. 

While the YTD average sale price is down over 2024, it’s down about 1.2% which for all intents and purposes can be considered “flat.” So for sellers looking to sell, this market is holding values but you should expect to make some concessions. For buyers looking to buy , this market holds value and you have a chance to negotiate, aka buy on your terms. 

Please check out my Bainbridge Market Report below to learn about all of the month’s metrics and trends.

Thanks,

Jason

P.S. Sharing the love of some clients

Jason helped us sell our older home and helped us navigate a complicated offer. He always educated us and brought out the pros and cons with an exploration of the potential unintended consequences. Jason was remarkably communicative, even letting us know even when there was nothing to report to prevent uncertainty in the unknown. Most importantly, he was quite skilled at giving us advice we could rely on, but left the decisions to us. On a personal basis, he was a perfect mix of professionalism, friendship, advisor and patient ear. We actually could not come up with anything we wish Jason would have done differently; we highly recommend him to represent others.

       - Steve and Lynn Rowe