What’s Going on in the Market Today?

The holidays are just around the corner, so what does the marketplace look like today? Here’s your October update.

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As we draw nearer to the holiday season, I want to give you all an update about what’s going on in today’s market.

From October 2016 to October 2017, the number of closed sales dropped 12%, but the number of sales year-to-date are actually up about 2.2%. That means that about 12.2% of homes actually sold this October compared to last, and the reason for that is probably the low amount of inventory we see in today’s market.

Prices are up 6.2% from last year, but this is not the case in every price range. We’ve found that in the lower, more affordable ranges, prices are actually up a little bit higher than even that. In the luxury market, we’re not seeing quite the same level of appreciation.

“The number of homes on the market has gone down and prices are still creeping up.”

Days on market has actually gone down to 56 days. That means that the average home in today’s market is only taking about two months to sell. Again, this is referring to the general market and doesn’t show the ways that the upper- and lower-end markets differ. We’re noticing that homes in the $800,000-and-higher range are taking close to six months to get a contract and close.

Supply is extremely low right now, having dropped 20% year to date. This means that there are 20% fewer homes available for purchase today than there were last year at this time. As a seller, this means less competition and, hopefully in turn, that prices will continue to rise.

So in conclusion, the number of homes on the market has gone down and prices are still creeping up. It is a really good time to put your house on the market because a lot of people pull their homes from the market due to the belief that homes won’t sell during the fall and winter. In reality, you’ll have fewer showings, but you’ll also get more motivated buyers during this time of year, which in turn means you’ll get a higher price for your home.

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