Signs of Fall are all around us and the real estate market is no exception. As we look at the early data from August sales we are seeing some traditional Fall market data. Here are the highlights:
- The median price fell to $372,551 in August. This follows both 2017 and 2016 drops in August from peak median prices in July.
- Unit sales dropped in August. In 2017 we saw a small spike in August, but in 2016 and 2015 the Fall sales spike was in September.
- Sellers finally got the message that it’s a good time to sell and we saw new listings go up almost 10% from July. Did they come to late to the party?
- Days to contract and days on market were both up which leads to the list to sales price ratio going down and sellers getting less for their homes.
- Inventory of homes for sale is UP! (Buyers are you listening?)
So what does this mean? For sellers this means the ability to test the market with higher than market prices is probably not going to be as successful as it was in the Spring/Summer selling season. Sellers who don’t price right may see longer days to contract, price reductions and longer market times. For buyers, Fall is a great time to get active in the market. There are more homes to choose from and less frenzy. With interest rates predicted to rise in 2019, this Fall will be a great time to jump in.
Are you considering buying or selling this Fall/Winter? The Shocket Team can help you understand the market and make the most of seasonal market conditions whether buying or selling. Reno-SparksRealEstate.com