Will the upcoming presidential election affect the real estate market?

When I published a second quarter report of how 4 Buyers Real Estate was doing in the strong seller’s market, I mentioned some hopeful signs. Among them was this:

Typically, housing sales volume goes down just before a Presidential election. Expect that will happen this September and October.

sept2016Now that September is behind us, I took a look at our core market area. Our agents reported higher numbers of listings, and the data bears this out. Median and average prices are also lower. We are also seeing some properties linger on the market; these are the types of places that we expected to see gone after a weekend.

I am waiting-and-seeing. But, there are signs of higher inventory, for sure. However, lower buyer demand is just a feeling not borne out by statistics. Here’s what our MLS system tells us about September activity:

 

Report Run: 9/30/2016 1:13:45 PM
Property Type(s): SF, CC, MF
Snapshot Date: 8/30/2016
Towns: Cambridge, Arlington, Belmont, Somerville, Watertown
 8/30/2016 9/30/2016
Price RangeNumber of
Listings
Avg. Days
on Market
vs. todayNumber of
Listings
Avg. Days
on Market
Under $50,000
$50,000 – $99,999
$100,000 – $149,999
$150,000 – $199,9991841114
$200,000 – $249,999266282
$250,000 – $299,99924218
$300,000 – $349,999313
$350,000 – $399,999230810
$400,000 – $449,9994261020
$450,000 – $499,9996121615
$500,000 – $599,99919393738
$600,000 – $699,99930405227
$700,000 – $799,99925514535
$800,000 – $899,99917402846
$900,000 – $999,99919662339
$1,000,000 – $1,499,99945555753
$1,500,000 – $1,999,99918981966
$2,000,000 – $2,499,99951501268
$2,500,000 – $2,999,999286330
$3,000,000 – $3,999,999546751
$4,000,000 – $4,999,99932084183
$5,000,000 – $9,999,9992551141
Over $10,000,000250281
Total Properties209Avg. 57331Avg. 42
Lowest Price:$185,000
Median Price:$899,000
Highest Price:$23,750,000
Average Price:$1,301,009
Total Market Volume:$271,910,972
Lowest Price:$195,000
Median Price:$798,000
Highest Price:$23,750,000
Average Price:$1,133,008
Total Market Volume:$375,025,832

 

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