October Real Estate Market Update

Housing Market ChangeAt The Peters Company, we have always enjoyed a bit of a bump in interest and activity in the month of October. It’s almost like clockwork now, and we expect it. At the first hint of sweater weather, we see people bundling up and hitting the market. It’s a welcomed change after an August and September that can be marked by the dog days of summer and new school schedules taking priority away from the real estate game. Thankfully we have already felt the bump in October.

If you’ve been in the market in September and think that it seems a little slower, here’s why:

  • Listings are down 6.4% from this time last year. Believe it or not, that’s about 1,000 homes, which is a lot.
  • Pending homes going under contract are down 7.3% from this time last year, which again equates to over 1,000 homes.

Despite all of this lack of activity, the median price is up 5.8% to $275,000 year over year, and homes are selling in 5 less days at 24 days on average now when compared to last year.

Interestingly the condo and townhouse inventory remains flat although the prices are up 6.8% to $205,000 and days on market are down 5 days to 14 days on average.

Our lack of inventory overall continues to drive prices up, and we’re frankly surprised that more sellers aren’t taking advantage of the market. The only thing that’ll slow the pricing increase is more inventory. Won’t you help us get the word out about this amazing opportunity? We are continuing to identify properties, in many cases off market, for our buyer clients, and we’re selling our listings in 18 days on average for 98% of their original list price. We will help you transition smoothly to what’s next. Call us today at 678-921-1470.

Written by Andy Peters

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