While we had a strong July with new price records for Single Family Homes AND Condos, plus an increase in closed sales, our August stats are more consistent with the market correction we've been experiencing this year.
Median prices are down for both Single Family Homes and Condos and Days on Market are up.
What does this mean...buyers have more choices and homes are taking longer to go into escrow.
INTERESTING FACT ABOUT TODAY'S MARKET: Our brokers are reporting seeing a lot more contingent sale offers coming over their desks. Whereas in the recent past few sellers would ever consider a contingent offer sale (a sale that is reliant on the sale of the buyer's own residence), now sellers are accepting them.