Here's the latest on the market and have a happy Thanksgiving!
Here is a quick October Market Update from BRR®:
- Median Price = $533,950 (holding steady last couple months)
- Inventory UP 158% YOY (but DOWN 30% compared to 2019, for perspective)
- Still historically low at only 1.4 months of inventory (Meaning, if no new homes came on the market, it would take 1.4 months for everything to sell. A "balanced" market between buyers & sellers is around 4-6 months so we're still a long ways off from stabilization)
- Avg Days on Market (DOM) = 21 Days
- Fastest DOM in last 5 years = 9 days in May 2021
- Since then, the DOM metric has inched up, reaching an average of 21 days in October 2021 — eight days longer than in October 2020. For perspective, 14 days FASTER than October 2019 (since we all know 2020 was WEIRD)
- Price Reductions in 2021
- Jan 1- June 6 = 1 price reduction/week
- June 7 - Nov 1 = 8 reductions/week
- The $500,000-749,999 price range had the largest share of price reductions, making up nearly half of all adjustments year-to-date.
As the market adjusts to buyer’s expectations and needs, we may continue to see price reductions or even a drop in the average list price for existing homes. If list prices go down, it doesn’t necessarily mean sales prices will also drop. The median sales price for existing homes has held relatively steady, as has buyer demand. Homes are still selling at near record highs, but the rise in list prices may have eliminated some of the multiple offer situations and competition we saw occurring earlier this year. Stay tuned!
The 2021 holiday season has officially begun! We hope you are as excited as we are.
We’d like to take a moment to express our gratitude to all of you this Thanksgiving. We have met some truly wonderful people, and we’re proud to have helped so many reach their real estate goals over the years.
We wouldn’t be where we are today without all of your support.
Enjoy your Thanksgiving dinner—that’s what we plan to do!
In the meantime, please don’t hesitate to reach out to us if you have any real estate questions. We would be happy to help you.