In the month of September new listings were up 8.1% to 1,474, the average sales price is up 4.8% to $233,178 but pending sales, which is a count of the properties on which offers have been accepted in a given month, were down 55.2% from 988 to 443. We normally see a slight dip in pending sales leading into the winter months but we haven’t seen a drop like this since May 2010, however the 12-month average for pending sales is still up 0.5% overall.
Days on market remained at 45 days. The price range that tended to sell the quickest was the $100,001 to $150,000 range at 36 days; the price range that tended to sell the slowest was the $300,001 and Above range at 82 days and closed sales were down 7.3%, the first time in 12 months
A couple more interesting stats were from “Inventory of Homes for Sale” in a given month and “Months Supply of Inventory.” Inventory of homes for sale in a given month increased 16.9%. Inventory of homes for sale is the number of properties available for sale in “Active” status at the end of a given month. This is largest increase in monthly homes for sale we’ve seen since 2016. If we look at the 12-month average of homes for sale in a given month, we’re still down 4.4% from previous year, still very limited inventory to choose from.
The other interesting stat was Months of Supply inventory which increased to 4.3 months. The last time we saw over 4 months supply of inventory was back in 2016. In a normal market where home prices appreciate with inflation, inventory is typically 6-7 months. We’re still in a sellers market and it’s too early to say we’re seeing a complete market shift in favor of buyers.
A combination of limited inventory, interest rates hovering right at 5% and affordability slowly decreasing is frustrating consumers. If you’re a buyer, more inventory may be coming to the market. If you’re a seller, this means more competition may be coming to the market and prices may start to level off. Remember, interest rates right now are at or slightly below 5% and predicted to be over 5% by this time next year. If you’re on the fence about buying or selling, give me call today and let’s discuss your options.