Hayley’s October 2019 Market Update
As the temperature drops, we typically see the market slow down a bit. This year isn’t quite following routine. With extremely low inventory and historically low interest rates, buyers are coming out of the woodwork. Just this past week, I’ve encountered numerous multiple offer situations.
In an interesting shift, months of inventory are decreasing in the $500k+ homes. Motivated sellers that have been sitting on the market combined with low interest rates have created some great buying opportunities for purchasers in these price points.
In the $100k-$300k price point, inventory is extremely low. For homes priced between $200k to $250k, there is less than a month of inventory and 57% of all homes on the market are under contract. This is a great time to sell in this price point.
In the $300k-$500k price point, we are still in a seller’s market, and we have about 2 months of inventory. Closer to 35% homes under contract creating a little more selection for buyers.
As we near the end of year, I find we are in a unique place where depending on your real estate needs and price points, there are some great opportunities to be found. If you have any questions about the market, please do not hesitate to give me a call as I’d love to share more of what I am seeing.
Have a wonderful Thanksgiving filled with family, friends and food!