In November 2021:
The average sales price across all property types was $311,175 compared to November 2020 which was $268, 474.
The overall supply of properties was 1.2 months of inventory, compared to November 2020 which was 3.1 and November 2019 was 4.9.
What does that mean?
November of 2021 continued to demonstrate that low supply of properties for sale paired with a high demand to own property in this area increased prices. If you're waiting on prices to drop, we'll need to see less demand and more inventory. I'm not seeing either. The most likely factor to come into play is rising interest rates to borrow money. So, if you're financing, prices are likely going to continue to go up AND your interest rate will go up the longer you wait to purchase. If you have another view or see the market moving differently, please reach out to me and let me know. I want to give the best advice and guidance possible to my clients.
Over the last 3 years:
From January 2018 to April 2020, inventory fluctuated between 4.8 and 5.2 months of inventory. Since April of 2021 to now, inventory has fluctuated between 1.5 and 1.2 months of inventory. This might be our new normal for a while.
The average sales price of a single family home in January 2018 was $248,859. Like every market, the housing market goes up and down.... except for the fact the overall trend has gone up every quarter... not just in the last 3 years, but since 2013.
My goal is to be your guide and a trusted resource for your real estate needs. If you have any questions or would like to talk about your specific situation, please don't hesitate to contact me.
Happy December everyone!