Hello to all my fans…..
Here are the basics – the ARMLS numbers for September 1, 2025 compared with September 1, 2024 for all areas & types:
- Active Listings: 23,238 versus 18,430 last year – up 28% – but down 2.2% from 24,091 last month
- Under Contract Listings (including Pending): 7,260 versus 6,658 last year – up 9.0% – but down 1.5% from 7,369 last month
- Monthly Sales: 5,900 versus 5,727 last year – up 3.0% – but down 4.7% from 6,193 last month
- Monthly Average Sales Price per Sq. Ft.: $281.04 versus $288.98 last year – down 2.7% – and down 1.3% from $284.84 last month
- Monthly Median Sales Price: $442,540 versus $440,000 last year – up 0.6% – and up 0.1% from $451,995 last month
Sellers have had a rough year so far, but the last two months have seen their troubles ease a little. Supply dropped again during August, although much less than in July. Active listings without a contract fell 2.2% compared with 6.2% last month. We have a feeling that we are close to the end of this trend as supply normally starts to grow between Labor Day and Thanksgiving. The sellers that remain in the game must thank those that gave up – cancelled listings were numerous over the last 2 months – 4,737 compared with 3,516 in the same period last year.
Unlike last month, there is also some good news for sellers in the demand numbers. It seems that buyers prefer 30-year fixed interest rates around 6.5% to those between 6.75% and 7.0%. Not exactly surprising, but we are able to demonstrate some evidence for this. Listings under contract ended the month up 9% compared to the same time last year. Last month they were up only 1%.
Monthly sales were improved too, up 3% compared with last year (better than the 0.8% growth we saw last month). This understates the improvement because we had only 21 working days in August 2025 and 22 in August 2024. A 3% advantage to August 2025 therefore translates to a 8% advantage in closed sales per day.
Buyers get good news in the pricing numbers. Closed listings sold for 2.7% less per square foot last month compared to August 2024. With inflation running at 2.7%, affordability in $/SF terms has improved well over 5% compared to 12 months ago. Maybe this is also a reason for the demand improving during August. For those optimistic sellers who would prefer to believe that pricing stayed flat, we recommend the monthly median sale price.
You can always pick and choose which statistics you want to believe, and human nature means that most people will believe what they want to anyway. We think pricing continues to face downward pressure and is likely to do so until the Cromford® Market Index moves over 90 again. Right now it is looking good for a move above 80 at least. Source Cromford Report
“Downward pricing pressure is likely to persist through the end of the year unless interest rates experience a significant decline. However, rates have recently reached a five-month low, which has contributed to stronger foot traffic and an uptick in contracts.”
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