The 2016 September sales statistics for the Columbia Board of REALTORS have been posted to cbormls.com. September of 2016 saw a 8% decline in single family home sales compared to last year, led by existing sales, falling 11%. One would think this decline was a result of the election, but nationally existing home sales increased by 3%.
There was a 12% increase in the median sold price coming in at $188,500. The increase in prices coupled with the decline in sales signals weakening in the number of entry level Buyers. Our local market is again opposite of the national market, where first time buyers had 34% market share, the highest in four years.
Pending sales also dropped in September by over 8%, while nationally, existing pending listings increased by 1.5%.
From the decreased sales posted in September, the months’ supply of inventory increased by 4% to 4.25 months. This is the first increase in supply our local market has seen for almost two years, but the supply is still historically low for this time of year. Most of the inventory is the price range of $275,000 and below, while the inventory below $275,000 is lower than normal, which maybe a reason for less first time buyers in the local market.
Over all, the market remains healthy for this time of year, even with the local market being contradictory to national trends. We still may see the election impact the market, but it would be minimal compared other election cycles.