August 2008, a mere 3 years since the height of our most recent over-inflated boom, has come to a close.

In August, we saw 5833 properties sell at an average sales price of $254,920. The average asking price on properties that sold in August was $245,818 and it took an average of 113 days for those to sell. Homes currently on the market have been so for approximately 94 days on average.

In the Rental market, we currently see a total of 8,905 properties available for lease. In August, 2030 properties were leased at an average rental asking price of roughly $1300/month.

We currently have 51,807 active listings on the MLS with 42,479 of those being Single Family Detached.  Last Monday, this number was at 43,705, representing a 2.8% decrease in the number of homes on the market.

The average sales price for the week ending 8/31/08 was up 14.79% to $280,430 and the number of homes sold in this same period almost doubled to 2110.  Keep in mind that statistics and business that we see recorded today is a result of market conditions and activity in the past.  That is what makes forecasting so difficult.  We never know what the future results of our current actions will be.

It’s taking about 109 days to sell a home across the MLS.  The average asking price fell slightly from the previous week to $408,001.