The stats are in for the month of September, when the football starts and weather is still warm! The local real estate market continues to shift ever so slightly as inventory continues to increase, but is well below Pre-COVID averages by more than half! The absorption rate has stayed steady at 1.8 months. This means that if there were no new houses listed, we would run out of houses to sell in less than 2 months. In 2019 we saw a rate of nearly 5 months, so, we still have a lot of catching up to do!
The average sales price rose over the last year by 1.36% to $248,335 because of a prolonged inventory shortage and high demand. The number of homes sold was down from last month and actually 24.6% less than September of 2021 at 288 home sales. The average days on market continues to dip again this month by nearly 5% from this time last year. From the time the house goes on the market to closing, it took about 59 days on average. For a nation wide perspective, you can read Realtor.com’s latest report.
The data is beginning to show a distinct difference between what we call a first-time and a trade-up product. The first-time homes are still seeing multiple offers and competition between buyers. However, the trade-up product, the $250,000 to $500,000 home is sitting a little longer on the market and even experiencing price reductions. Buyers looking to upgrade might actually find a really good deal in today’s real estate market.
Want to stay up to date at the latest local trends? Stay in the know.
