It's the beginning of a new month and it's time to see what happened in real estate in September! We can all feel the changes in the market every time we look at the news or talk to a friend about what's going on. But how do you know what's just a feeling vs. a quantifiable change in sales. Let's see!
This month the average sales price for a single family home fell to $430,333. This is still much higher than September of 2021's average price of $390,089 but lower than August, 2022's average price of $434,856. The good news is, if you bought your home in the last few years, you most likely have loads of equity! If you've been on the fence about selling your house but now you're having second thoughts, think about this. If you wait, prices might keep going down. If you sell now, you'll still have a relatively low amount of competition.
You might, though, have to wait a little longer to sell your house. In the heyday of the real estate market, you could expect to have your home under contract in 4 days, which was the lowest median amount of days on market for single family homes. Now that number has risen to 16 days. Although this sounds high, it's still much lower than the 29 days that was standard when I started in real estate in July, 2013.
Let's talk about the inventory. It's still historically very low although it's starting to just creep upwards. The great news is that you have time to stop and tie your shoes before running out to see the newest house on the market. Buyers have more time to think about what they want to do and they are less often having to compete with multiple buyers vying for the same house. There were 2,855 single family homes for sale last month (51 more homes than the month before). The months of inventory available is still very low at 2.1 months, but that number has about doubled since the beginning of the year, so there has been some progress!
Both buyers and sellers seem to be holding off to see what happens in our still crazy market. The good news is that there are still advantages for buying and selling now! If you're thinking about buying or selling but aren't sure if you should wait or just go for it, give us a call! We will go over your situation and see what the best course of action is for you! Have a great October and Happy Halloween!