The year is finally winding down, so I wanted to give you a quick update on the market. Inventory is still low, giving sellers a great chance to get a great price for their house.
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The fall market looks to be wrapping up for the year, so today I wanted to give you a closer look.
When you compare this year to last year, we're essentially looking about the same. Inventory is down slightly from 2,505 units to 2,437, indicating that homes are selling faster than they're being listed.
This is a good sign for sellers.
Inventory this year is still hovering around five months of supply, which is basically a balanced market. Settle volume is down slightly from 501 units to 493, which indicates that buyers might not be getting homes as quickly as they have in the past.
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When settle volume goes down, it's a good sign for prices. It means that there's still demand for inventory. This will continue to drive the price increase, which we've already seen go up from $226,000 to $228,000 on average.The market needs inventory, making now a great time for sellers.
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List-to-sales price ratio is exactly the same, with sellers getting 94.7% of asking price. You should expect a few points to come off your list price, but that's been commonplace forever.
Simply put, the market is still strong this year and not many things have changed. It looks like we'll still be strong heading into the spring, too. The market needs sellers, so if you've had any thoughts about selling, don't let the weather or the season deter you. Thanks to low inventory, now is an excellent time to get a great price for your home. You have motivated buyers in the market slogging through the cold, sloppy conditions outside because they so badly need to buy a home.
If you've got any questions or you're interested in talking about selling your house, give me a call or send me an email today. I'd love to hear from you!
