The latest market stats are out for September, and they sure are interesting.
Let's do a side-by-side comparison to where we were last year, after interest rates rose:
While it's true that the market has softened, it hasn't been by a whole lot. Monthly supply of inventory has only risen half a percentage, and median list price is nearly $15,000 higher that it was this time last year. Active inventory has remained virtually the same, as has percentage of list price received. The only real change is that median days on market has gone up by five days, and median sold price per square foot has "dropped" only two dollars (and I ain't a fan of that metric, anyway).
What does that mean to you?
Well, if you're a buyer, THE TIME IS NOW TO BUY.
Read that again.
This is the break you've been waiting for, particularly when interest rates lower (spoiler alert: they're going to, come spring). There is scant competition now, but it won't be that way forever. We still don't have enough inventory to go around, and that ain't gonna change anytime soon.
Does taking this conversation further interest you?
Contact me here!