September sales data is in the numbers support what most Realtors have been talking about – The Market Is Changing. The number of unit sales dropped significantly to 439 units. This is down 22.3% from August 2018 and down 28.3% from September last year. The inventory of available homes for sale is 1,377 which is up 24.4% from last year is the highest level of available homes for sale this year. In January 2018 there were only 528 active listing. We now have more than 2.5 times that number of active listings.
The median price moved up slightly to $374,000, still below the year’s peak median price of $389,000 that we saw in July. The number of new listings being added to the market also slowed slightly, but were up from last year. With more inventory, days to contract and days on market both increased.
What does this mean?
BUYERS – This Fall may be the best time to buy. There is more to choose from and prices have leveled a bit. Sellers are facing more competition, more days on market and are getting a lower percentage of asking price. Interest rates are on the rise and expected to continue to climb in 2019. This will cost you buying power.
SELLERS – This Fall will present challenges for sellers to get their list prices RIGHT. The time for “testing the market” has passed for the time being. You will need to get your price sharper and your home in tip top condition when listing. You can expect to be on the market longer as well.