In our current market, inventory is down and prices are up. As the weather turns colder, we’ll probably see this trend intensify.
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What’s going on right now in the fall market? Let’s take a look at the numbers from the month of September and see how they stack up against September of last year:
- Inventory has decreased from 2,587 homes to 2,450.
- Inventory accumulation—the number of months it would take to sell through the existing inventory—has also decreased from 5.6 months to 4.9 months.
- The number of settled properties has increased from 524 to 538.
- The median sales price has increased from $220,000 to $224,000.
- The sales-to-list price ratio has decreased from 94.6% to 94%.
Overall, this information indicates that there is currently more demand than supply. Why is the sales-to-list price ratio going down? Sellers are starting to realize that the market is favoring them, and they’re increasing their asking prices accordingly; however, they may be getting too aggressive, resulting in them giving a little bit more away in negotiations than what they may have originally thought.
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As we start to enter the colder weather months and we lose time off the daylight clock, you’ll start to see the majority of the home searching activity shift over to the weekends. You should also see fewer homes on the market, which could mean an increase in prices due to the low inventory.
The market is favoring sellers.
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If you have any questions about what’s going on in the market right now, please feel free to email me or give me a call. I look forward to hearing from you!
