October and November Review:
The end of the year is shaping up to be much as we expected. Inventory remains tight as both sellers and and buyers concentrate on the holidays more than selling or purchasing homes. As a result, we have been seeing inventory dwindle, yet we are also now seeing some other interesting trends emerge.
First, the "Average Days on Market" is up to 36 from its low of 17 in June. Houses taking longer to sell is not necessarily a bad thing as it typically indicates buyers are shopping around more, have more options and are doing less panic buying. However, the larger economic trend of increasing interest rates has also taken many buyers out of the market. This idea is reinforced by...
Decreasing % of Original Asking Price. The market seems to have found the top high asking prices. Fewer homes are selling for over-asking price and we are seeing the return of price reductions. For perspective, this metric was last in the 96% range before the pandemic!
Overall the market is currently driven by the demand side, with a lack of buyer activity. What is somewhat mindboggling is that supply is not driving the market, since our inventory is so deplorably low.
Whichever seat you are in, whether buying, selling or vacation renting, the professionals at Chatelain Real Estate are here to give you the expert advice you will need to make your transaction a success. For more market data check out our blog category Real Estate Trends. You can also give us a call any time - we look forward to hearing from you.
| July | Aug | Sept | Oct | Nov | |
| Closed Sales | 286 | 304 | 333 | 246 | 275 |
| Inventory | 558 | 553 | 606 | 609 | 508 |
| Median Sales Price | $686k | $700k | $675k | $721k | $669k |
| Avg Days on Market | 24 | 23 | 25 | 31 | 36 |
| Avg % of Original Price | 101.9% | 99.6% | 97.9% | 97.1% | 95.9% |