This fall has been quite a surprise. As temperatures get chilly, normally the market slows down (less inventory, stable prices). But instead, we saw an increase in inventory and a decrease in price! We saw similar trends in August.
Could the market be balancing itself?
More listings were on the market in September (16% more single-family homes than last year) and a nearly 5% drop in the average sales price since its $500,000+ record high this summer. Yet there was a big drop in sold homes. This could be an indication as buyers are looking for more affordable prices, homeowners needed to readjust their pricing or strategies. Wow!!
Source: https://www.dmarealtors.com/dmar-real-estate-market-trends-report-oct-18
Now is maybe the right time to take advantage of the market! If you have any questions, please don’t hesitate to text, call, email, or smoke-signal me.