Welcome back! This month’s update is titled: Peaks and Valleys
Actually, it's just titled Market Update for October— it's about peaks and valleys, as that's what the numbers are showing us. Last month we were starting to see some shifts in the market, so let's dive into the October numbers to see if we're still heading in that direction, or if that was just a blip.
Perhaps the biggest indicator for us to look at right now is the total number of homes for sale. This has now gone down for the sixth consecutive month, and we're heading into the time of year where it typically takes an even further dive as it starts to get cold and closer to the holidays. October is officially the lowest number we have seen all year, and there are no signs of that changing anytime soon.
New listings also went slightly down, which isn't a huge surprise (again, time of year), but the total number of homes sold went sharply up compared to September, which can only mean that demand is still high, and the inventory is not keeping up. That theory is supported by looking at the months supply of inventory, which of course, went down. This, also, is at its lowest for the year.
Where are the peaks you ask? In the price point! Median and average sale prices are at the highest they've been. The average climbing up to over a $100,000 increase from where we were this time last year - wowza! Lastly, we've got one more valley to look at, which is days on market. It has officially fallen to less than two weeks on average...and...you guessed it, the lowest it's been all year.
Thanks for tuning in for another recap. Check in next month to find out how the election impacted the numbers for November as we follow this fast-changing market. As always, if you are looking to make a real estate move this year, don't go it alone! Link up with a professional here at VIBE and let them help you navigate the process - we are here to help!
Written by Steve Anderson, Broker at VIBE Realty