Single-family sales during the third quarter had a nice jump in sales compared to last year. Average prices and price per square foot moved slightly lower. Homes are taking longer to sell, as buyers become more selective and realistic pricing becomes increasingly important for sellers.
The condo and townhome market remained active, with prices and overall sales volume both moving higher than last year. Buyers have more inventory to choose from, but desirable properties continue to attract attention. Condos and townhomes also sold slightly faster than they did a year ago.
Land sales is the only category that has cooled off, with fewer properties selling and longer days on market. While the average sales price was higher, overall sales volume declined, reflecting the smaller number of transactions. Buyers continue to take their time in this segment, making pricing and positioning particularly important.
The luxury market was another bright spot this quarter, with more high-end properties selling and a significant increase in overall sales volume. Average prices remained relatively steady, while luxury properties took longer to sell than they did last year. The activity suggests continued demand in the high-end market, though buyers are taking more time and approaching purchases thoughtfully.
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