The market data for October 2018 is in.  Let’s take a look at the key data points and talk about what they mean to both buyers and sellers.  The Shocket Team can help you understand the market for your home if selling or for the neighborhood you’re looking in as a buyer.

MEDIAN PRICE – The median price was $380,000 in October.  This is a 10.1% increase over October 2017.   The 2018 median peaked in July at $389,000 and then dipped to $370,000 in July.   Many are predicting prices to continue to go up just at a more moderate rate.

  • Sellers:  This means you may need to consider pricing your home more competitively in order to sell now.
  • Buyers:  Moderating prices present an opportunity for you this Fall/Winter.

UNITS SOLD – The total number of homes sold is down 18.2% from the same time last year.  Many have been saying that the number of homes sold is down because inventory has been limited, but the rising prices and rising interest rates could also be playing a role.

  • Sellers:  With fewer homes selling your strategies for pricing, listing and marketing your home are more important than ever.
  • Buyers:  There are more homes to choose from on the market right now.  With interest rates on the rise, NOW may be the best time to buy.

INVENTORY & MONTHS SUPPLY:  The number of available homes for sale is up 32.8% from this time last year and subsequently the month’s supply of inventory is up 62.3%.   These are key data points to watch as we go through the Fall/Winter selling months.  If we get into the early Spring selling season with increased inventory we could see a more balanced market. (Note: In January 2018 we only had 528 active listings, and now there are 1,329.)

Sellers:  More inventory means more competition.  You may expect longer market times and price reductions.  The key to being successful will be preparing your home for sale and pricing, as well as working with a professional that can show you the market for your home.

Buyers:  With more inventory you have more choices.  There will also be less frenzy over listings in the affordable prices points.  Take advantage of this.