How many times have you heard that our market is shifting over the past few months?
I want to make sure you know it may be shifting, but that doesn’t mean we are heading into the depths of hell.
We may be shifting into a more equal market. I hope we are! Moving out of an extreme seller’s market means, 1. sellers have time to work through the emotional part of moving, 2. they aren’t afraid they won’t find a replacement home and potentially won’t have to move twice or have a lease agreement to stay in the house until they close on the house they are purchasing.
Let’s dig into the numbers, we have increased the number of homes for sale and we have sold fewer homes than last month and last year.
We talked before about once we level out and we have a more equal market, our home prices might level off too. Our prices dipped slightly from October, 1.64%, but have increased by 6.74% since last year.
In November we had a total of 7,530 homes for sale, last November was a record low of 5,131 and our average over the past 30 years is about 15,000.
Our days on market has increased to 31 days from last month but it is the same as a year ago.
As far as buying is concerned, it’s a great time. You have more choices than you did a year ago. How long they will last remains to be seen. Interest rates are still good. If interest rates are a defining factor in your purchase, let’s get to looking before they make drastic changes and you have to change your purchase price.
It’s a great time to sell and I think we have some pent-up buyer demand that has been surfing the internet but hasn’t been out to look. Each neighborhood is going to have its own story. I am putting together home evaluations, let me know if you would like me to look at yours anytime.