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Here is your autumn 2019 market update:
Let’s dive right into the numbers: Last month, new listings were down 1.2% across the board, while inventory grew 1.8%. This is mainly due to the 9.2% decrease in pending sales last month. These numbers demonstrate that the market is starting to shift away from that solid seller’s market and into more of a balanced market.
The median sales price is up 3.9% year over year. Home values have continued to increase, but it is taking a little longer for those houses to sell, with the average days on market rising 11.2% year over year. Because of this, the months’ supply of inventory on the market was up 3% as well, moving up to 3.5 months of inventory. This further proves that supply increases relative to demand.
Many homeowners in our market have elected to refinance their home recently due to the drastic decline in interest rates, but they are still at historically high levels.
For more information on the market or how we can help you buy, sell, or invest in your next home please give me a call, shoot me a text, or send me an email. We’d love to help!
Let’s dive right into the numbers: Last month, new listings were down 1.2% across the board, while inventory grew 1.8%. This is mainly due to the 9.2% decrease in pending sales last month. These numbers demonstrate that the market is starting to shift away from that solid seller’s market and into more of a balanced market.
"The market is starting to shift away from that solid seller’s market and into more of a balanced market."
The median sales price is up 3.9% year over year. Home values have continued to increase, but it is taking a little longer for those houses to sell, with the average days on market rising 11.2% year over year. Because of this, the months’ supply of inventory on the market was up 3% as well, moving up to 3.5 months of inventory. This further proves that supply increases relative to demand.
Many homeowners in our market have elected to refinance their home recently due to the drastic decline in interest rates, but they are still at historically high levels.
For more information on the market or how we can help you buy, sell, or invest in your next home please give me a call, shoot me a text, or send me an email. We’d love to help!
