Are you curious about what’s going on with our local real estate market? If so, check out this quick update.
People often ask me what’s happening in our market, so today let’s review some of the latest developments.
For one thing, the number of available homes in our market is once again on the rise after having dropped slightly toward the middle of this year. Even with more properties available though, the number of pending sales and homes sold have remained steady in recent weeks, as well.
As far as price goes, the current average price-per-square foot has stayed largely stagnant over time but has decreased slightly (down to $246) in the last couple of months.
If you’re looking to buy or sell, you may want to act soon while conditions remain as favorable as they are today.
Of course, all of these developments are part of the normal seven- to 10-year cycle that real estate runs on. And we’re now in the ninth inning of our current cycle. This is reflected in the data I’ve already covered, as well as in the fact that homes are now spending an average of 34 days on the market before selling. This number will only get larger over time as our market slows.
Signs of a slowdown are also evident in our area’s current list-to-sales price ratio. The average list price in our area is currently $614,000, while the average sales price is $474,000.
Despite this, we still have just 1.9 months’ worth of inventory. This means that our market would completely run out of available properties if no new homes were listed in that time. In short, we’re still in a seller’s market. The main difference between today’s market and the one we saw this spring is that multiple offers are no longer the norm—especially for properties in higher price points.
The bottom line is that if you’re looking to buy or sell, you may want to act soon while conditions remain as favorable as they are today.
As a final note, another recent trend in our market is the influx of iBuyers—real estate investment companies that offer to buy homes outright. This can be a good route for some people to take, but it’s important to understand that selling to an iBuyer will generally bring you a lower sales price than listing on the open market.
If you have any questions about anything I went over in this update, would like more information on any real estate topic, or would like my help with buying or selling your next home, feel free to give me a call or send me an email. I look forward to hearing from you soon.