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September 2019 Market Update

Just like a lot of things related to the economy, there are varying opinions on where we’re heading, so let’s look at our numbers:

Local home prices are up 4.4% which is in line with the 4.7% national average. The number of local homes available to buy is up 11% from last year, with 3.3 months of inventory available right now.  Nationally, the average is 4.1 months of inventory, so we’re outperforming the nation there.

The number of local homes that are selling is only up 3% from last year (nationally it’s 1.3%). So home sales are still up, but properties are coming on the market faster than they’re selling now. This means inventory is accumulating. If you’re a seller, it’s safe to assume that unless you have a smaller attractive home or you’re intentionally pricing low, the days of multiple offers in a weekend has likely passed. Fortunately, this is considered a normal market.

The good news is that if you’re buying, then you might have a few more options to choose from. Of course, in both scenarios all of this depends on your price range, neighborhood, and a number of other factors, so talk to your realtor to get a more accurate opinion of your unique circumstances.

Even though locally we’re outperforming the national market, we’re looking at our version of a buyers market in some price ranges right now, and in even more as we move forward. This is good news as long as other economic factors remain in tact, because it means the real estate market is stabilizing for the first time since before the crash of 2008.

If you want to know more about your particular circumstances, our team of local experts has served our community for 22 years and is here for you. Call us or send a message to get started. Have a great day!

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