Fall is on it’s way. The colors are just starting to change and so is the market.
Here is a quick look at the big picture in our MLS:
Homes for sale Down by a little under 3%. Less sellers jumping into the market. That’s normal for this season
Under contract Up by over 12%. That is a sizable increase from last year. Low rates are helping drive buyers to write contracts.
Sold last month Down by over 7%. This is the 7 month out of 8 with lower closed sales from last year.
Sold in last 12 months Down by almost 5%. The late spring carried closed sales down for several months.
Average Sold Price Up by a little over 1% . The prices are still increasing despite lower sales units.
With the seasonal change will come some very predictable market changes.
- Inventory will actually go down a bit. Less sellers will be putting their homes on the market.
- Showings will be reduced. Schools back in session and people are already looking at the Holidays.
- The number of homes that go under contract will go down. They will hit their low in December and then begin to climb.
- The number of closed homes will also go down. Closing generally hit their low point in January and February then skyrocket from there.
The Hot Stats will give you a little peek at the details.