You’ve seen stories about our market balancing. The phrase “a buyers’ market” hasn’t been used in our metro area in years. So is it balanced for buyers and sellers? It all depends on the price point and type of home.
For all real estate bought and sold in our area in September, we finished with 2.04 months of single-family homes and 2.12 months of condos available for sale. Since it takes almost six months of inventory to balance a market, we have a ways to go!
But our market this year has been “balancing” – we’ve had more inventory on the market than in 2018. Sellers have reduced their prices more often and listings have lingered on the market for more days. While price appreciation hasn’t reversed, it’s growth rate has slowed down. In fact, our average sales price in September was 6% higher than this time last year.
So where do homebuyers have buying power? If you plan to buy a premiere condo between $750,000 and $999,999 or a $1 million+ single-family home, we have nearly 6 months of inventory.
The further down you go in price point, the greater the demand for listings, and the stronger the market favors sellers. Last month we only had 1.33 months of single-family homes and 1.97 for condos priced between $300,000 and $499,999! It’s a very hot market.
The bottom line, if you plan to buy or sell in our shifting market, get expert advice and guidance through the process. I’d love to help you reach your goals. Call or text me today if you have any questions!
Source: https://www.dmarealtors.com/dmar-real-estate-market-trends-report-oct-19