For Buyers:As expected, buyers took a break over the summer. For those looking to buy a single family home under $200K, the cool down is similar to only competing with 17 other buyers on a home instead of 50. Sales under $200K represented 46% of all MLS sales in August so the impact of price appreciation in this area is significant in overall market measurements.
Another 29% of purchases made in August were between $200K and $300K. Good news for buyers, supply of homes for sale in this range has risen 5.4% over the past 6 weeks. The market is still hot, but not a frenzy like the lower-end. As a result, prices are not rising as rapidly.
Only 25% of August purchases were over $300K. The market in this area is more balanced in supply and demand, creating a more stable price trend and equal negotiating power for both buyers and sellers.
Supply is typically at its lowest during the month of August before it begins to rise in September and accumulate until February. Unless your listing is under $200K, expect to have more competition for fewer buyers during the 4th quarter. The two most popular months for new listings to come on the market are January and October, so September is a good time to get competitive with your listing before buyers have more selection.
Be sure to call if you have any questions about this report or about how the market is performing.
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