Summer Market Sizzles in KW

Dispite a sizzling hot market characterized short supply and and high demand resulting in quick sales, multiple offer situations and frustrated buyers, average prices do not seem to be increasing dramatically.

Number of Units Sold per Month

	JUL	AUG
2008	666	471
2009	661	594

• Fewer properties sold in August than in July. This a normal decline for this time of year.
• 26% more properties sold in August 2009 vs. August 2008. This is a significant increase, particularily in light of consistent inventory levels.

New Listings Processed per Month

	JUL	AUG
2008	928	774
2009	909	756

• Similar, or in fact slightly fewer properties have come onto the market over the summer months of July and August compared with last year.
• Similar or slightly fewer new listings and more sales has resulted in dramatically less inventory. The number of active listings at the end of August were 8 percent lower than at the end of July and 7 percent lower than at the end of August 2008. The inventory level is currently around 1,900 units.

Average Sale Price

	JUL	AUG
2008	267,158	265,309
2009	278,288	253,325

• One would expect that more sales and fewer listings would result in higher prices, but such does not seem to be the case. Average prices for properties sold in August are down 9 percent from July and 4.5 percent from August 2008.
• It seems more properties are selling, but at lower prices.
• Year-to-date Average Price remains 1.28 percent lower than last year's overall avarege.