September Overview

September followed August as another month with little to talk about in the neighborhood real estate market.  While there were a few new listings, there were no sales and no accepted offers for either condos or single family homes.  There were also no lot sales.  It is not unsual to see things slow down at this time of year and that is also reflected in the fact that in all of Middleton there were only 11 single family and 2 condo sales in September.  Looking at sales for August and September over the last several years there have typically been at least a couple houses that have sold.  With no activity the last two months there have now been 6 fewer sales through the end of last month compared to last year, which is over 25% less.  In the condo market things look a little better.  This year's 7 sales is already nearly equal to last year's total of 8.

If sales from October- December the last few years are any indication then single family sales will likely end up falling short of last year.  The average has been near 4 but last year there were only 2 closings.  Adding in the one home that is currently pending plus the average of 4 sales would still put the total for 2011 at 19.  Condo sales have also recently lagged for the last 3 months of the year with an average under 1.

One kind of surprising thing I found in doing some research is that both the condo and single family markets in the neighborhood both are within the range of what is considered a healthy level of inventory.  For single family homes there is a 6 month supply and for condos there is a 4 month supply.  While this would normally indicate a level playing field or slight advantage to sellers I think the perception of the housing market and the uncertainty with the economy make that less clear.