Despite y/y prices for the total market still being up 2.7%, September's activity is a sign of continued slowing-down heading into the end of the year. Sales were up for the month versus last year, but the rise in new listings is very telling with only a 38.5% ratio of sales to new listings (a drop of over 6% versus last year), months of inventory creeping up to 4.0, and the number of active listings for the month of September being 4388.
These are the highest levels of active listings and months of inventory since 2016.
Townhome inventory for September-only is just 2.3 (almost in seller market territory) and every metric for townhomes presents a much different picture than apartment-condos where the months of inventory is now up to 5.1. Within each segment it's important to understand the all the property-specifics of each home in its respective market.
