As we move into fall, it looks like the market is going to remain strong for sellers. The market typically cools off at the end of summer but low inventory continues to favor people selling their home.
Here are a few important stats:
- The average sale price from August 2020 to August 2021 increased by almost $40,000 (265k to 305k)
- Total number of sales have decreased the last two months: 2,185 in June, 1,822 in July and 1,761 in August
- Supply has remained relatively flat with only 1.3 months of inventory in the last few months. In August there was a small uptick with 1.4 months of inventory
Things I'm experiencing while I help buyers and sellers:
- A decline in the number of multiple offers a property receives when they are first listed
- More sellers allowing financing and inspection contingencies in accepted offers
- I'm encouraging sellers that aggressively priced their home to consider reducing their price at getting a great price in case the market is shifting
- Buyers are still waiting and hesitant to rush on any purchase decisions
I truly believe this is a great market. I cannot predict the future yet I do feel this is a great time to get on the market if you have a goal of selling in the near future and if you're interested in buying, interest rates continue to be historically low.
I don’t think everyone should sell or buy…I just know that this is a great time to evaluate your real estate needs and determine if this is the right time for you.
I am more than willing to help you determine what your property would sell for in this market. If you would like to know then please call or text me and I will send you some market research and will gladly evaluate your home and your needs.