We continue to see another quarter of "leveling off." This the important backdrop for all real estate sales right now. Prices are holding, appreciation in the short-term has been modest. Median price is slightly lower than the past 2 years for the third quarter.
This graph shows that buying activity has ascended over the last couple of years. Although the headlines say it's a "tough year for real estate" - buyers are out there!
You've seen this draft from us a few times this year, but it's importance is essential to understanding the market. Supply is up creating much more competition for home owners.
Absorption rate is so crucial to understanding the "trade winds" of real estate. The MSI (months supply of inventory) is the highest in 7 years. This shows how the market has swung towards buyer's advantage.
Speed of sale, as it sounds, reflects how many days it's taking in the aggregate to sell a home. When you break the data into segments, you'll see certain ones are selling faster while others take considerably longer. The above shows the net of it all -- some of the longest sales cycles we've seen in a few years. Underlining the importance of your go-to-market strategy.
Buyers looking to purchase this year who may have waited for "better conditions" in the fall will see lower prices, as sellers are making a last push before the season cools.
With the Fed reducing rates, we expected to see some increase in fall activity, and we were right! September sales exceeded the past 2 years. There is more inventory, more competition, more reductions... but there is still more selling this September than in the previous two years.