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!!
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.