The Russell real estate market experienced a dramatic shift in September, with significant increases in both the number of sales and total sales volume. If you’re considering buying or selling in Russell, this month’s data offers key insights into the local property market.
September 2024 Market Snapshot
- Total Sales: 4 properties (up from 3 in August)
- Total Sales Volume: $9,630,000 (up from $3,530,000 in August)
- Average Sale Price: $2,407,500 (up from $1,176,666 in August)
- Average Listed Price (of those sold): $2,673,000 (up from $1,365,000 in August)
- Lowest Sale Price: $265,000 (down from $530,000 in August)
- Highest Sale Price: $5,750,000 (up from $1,525,000 in August)
- Sales Above Asking Price: 1 property (up from 0 in August)
- Average Sale Price vs. Listed Price: $81,666 above asking (improved from $188,000 below in August)
- Average Days on Market: 421 days (up from 86 in August)
- Lowest Days on Market: 57 days (up from 41 in August)
- Longest Days on Market: 865 days (up from 174 in August)
- Properties Sold at Auction: 0 (same as August)
What the Numbers Mean for Russell Homeowners
September saw a dramatic increase in total sales volume to $9.63 million, nearly tripling August’s figure of $3.53 million. This significant surge can be attributed to higher-priced properties coming to market, with the highest sale this month reaching an impressive $5.75 million. The average sale price has more than doubled to $2.4 million from $1.18 million in August, indicating a strong demand for luxury properties in the region.
Key Highlights
For the first time in several months, a property sold above the asking price, fetching $81,666 over the listed price. This improvement is a stark contrast to August, where the average sale price was $188,000 below the asking. Sellers in the area are now seeing more favorable outcomes, particularly for premium properties.
Despite these positive trends, the lowest sale price in September was just $265,000, down from $530,000 in August, reflecting the diverse range of properties available in the market.
Days on Market and Sales Trends
One concerning trend is the dramatic increase in the average days on market, which ballooned to 421 days from just 86 in August. The longest days on market also saw a sharp rise to 865 days, highlighting that some properties in Russell are struggling to find buyers despite the high-end sales activity. On the other hand, the lowest days on market for a property was 57 days, showing that competitively priced homes can still move swiftly.
Auction Activity
Once again, there were no properties sold at auction in Russell during September, continuing the trend from August. It seems that sellers in this region prefer private sales, particularly for higher-end properties.
Conclusion
September brought a noticeable shift in the Russell real estate market, with significant sales of premium properties driving the total sales volume and average sale price higher. However, the sharp increase in days on market suggests that some properties are lingering, so strategic pricing remains critical. For those looking to sell or buy in this dynamic market, Russell Road Property is here to guide you through every step with expert advice and premium service.