What You Should Know About the Market Trends
An update on the latest changes in the real estate market stats.
The market has changed dramatically over the last five months, and I am here to keep you updated. I believe that market knowledge is crucial to making a smart real estate decision, so today I’m here with the important knowledge.
- The number of homes for sale is up 2.3% compared to last month and 23% compared to last year.
- The number of homes closed went down 17.9% since last month and 31.3% since last year.
- The number of pending homes went down 10.4% since last month and 27.1% since last year.
- The average price per square foot (sold) in April was $337, in June it was $355, but in September it was $302. Therefore, prices are starting to go down.
- The average number of days on the market was 40 days in April, 31 in July, and 38 in September, so that number is going back up.
- The list-to-sales price ratio was nearly 100% in April and May, but in September it went down to 93%. That means that buyers are starting to get more price reductions.
- The months supply of inventory went from 1.3 months in April to 3.8 in September. This big jump is maybe the scariest statistic. It’s up 26.4% from last month and 80.8% from last year.
We’ll see what happens with October’s stats, but things are expected to keep changing as the Federal Reserve has continued to raise interest rates. These next three months are going to be very telling for all of us. However, the holidays are coming up, and I want you all to know that I’m grateful for you! Call or email me if you ever need anything, and happy holidays!
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