What the latest stats tell us about our local real estate market.
It’s almost fall, so I wanted to give everyone a quick update on what’s happening in our local real estate market. I’ve been watching the numbers throughout June, July, and August, and today I’ll share what I’ve noticed.
One of the first things I looked at was the average days on market, which is how long it took for the typical seller to accept an offer. In June and July, the average days on market was 20. In August, that rose to 30, which isn’t a huge jump.
“We’re still in a strong seller’s market, but it’s starting to favor buyers more.”
I also looked at the number of price reductions, which tracks how many sellers had to adjust their prices. In June and July, about 18% of sellers had to make a price reduction, but in August, it rose to 27%. That number is trending upwards, but 73% of sellers still did not have to adjust their prices.
Another interesting stat is the average price. Even though we are trending toward a buyer’s market, many homes are still getting offers over the asking price. We remain in a strong seller’s market, but we seem to be shifting slowly toward a market that favors buyers.
Things are starting to get easier for buyers—they now have a little more time and can capitalize on more price reductions. However, homes that are priced right and in a great location are still selling for over the asking price.
Always trust a local real estate professional. If you have any questions about the market or your home, we’re here to help. Just call or email us, and we can give you a detailed, customized approach to your situation.