What Is Our Market Like as We Head Into Fall?

English Real Estate Group Video Blog with Scott English

What was our August market like? As we head into fall, let’s take a look back at the market numbers.

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What’s going on in our current market? As we move into the fall market, let’s take a look back at the August statistics from this year.

In comparison to last year, the average sales price of single-family homes and condos has continued to appreciate at the steady rate of 7%.

Sellers are feeling confident in the market, and buyers are happy too. More and more mortgage programs are enabling buyers to purchase with less down. Also, interest rates have so far remained low.

Sellers are feeling confident in the market, and buyers are happy too.

Inventory has dropped this past year. Given the law of supply and demand, this automatically drives up the sales price.

Currently, we’re seeing a three-month supply for single-family homes. For condos and townhouses, there are about five months of inventory.

Single-family homes that are in good condition and have been priced correctly are spending an average of 35 days on the market, while condos and townhomes are seeing an average of 60 days on market.

For both single-family homes and condos, cash closings are down. We’ve lost a lot of foreign buyers due to the change in the dollar’s value. However, this could be good news to local buyers, who are trying to compete in our low inventory market.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.