Less active than six months ago, but stronger than 2019 (before the pandemic triggered our real estate frenzy). We’re making our way to a more balanced market (stats provided by DMAR).
Inventory: A small decline between Oct. and Sept., but year-over-year, we have a whopping 116% more homes for sale. However, it’s about 15% less than we had in October 2019.
Days On The Market: Properties are staying on the market much longer (we had fewer new homes last month). Yet this time in 2019, homes were on the market for over a month (33 days). Deals are still moving a bit faster.
Sales Price: With a smaller pool of buyers, many sellers did make price reductions. Not a surprise; our average closing price dipped. But in October 2019, it was $486,390 – homes have gained 26% in value. Incredible…
Yes, the pullback has been jolting – over 7% mortgage rates? Listings taking almost a month to go under contract at the asking price? The road to a more balanced, affordable market for everyone requires significant financial and mental adjustments. But I’m here to support you through this season. There are new and old solutions to make the shift to your goals easier. Text or call me at (303) 868-3097.
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