After seeing the numbers rolled out for the month of September 2016, I was pleasantly surprised that despite some detractors, the Real Estate Market appears to moving right along.
There are some interesting figures when we cross examine price ranges.
Consider the action of Homes listed and sold within the price range of $0 to $299,999. Compared to the price range of $300,000 – $599,999.
Let’s begin with the price range of $0 – $299,999:
In the month of September 2016 there were 229 properties For Sale, up from 221 Homes For Sale in August. There were 127 Sold properties, down from 147 Sold properties in the previous month of August.
Fascinating that within this price range, the months of inventory rose slightly from 1.5 in August to 1.8 months of inventory in September, however the Average Days on the Market appears to be holding steady at 28 Days. Actually August Days on the Market was 29 Days.
Looking at the price range of $300,000 – $599,999:
In the month of September 2016 there were 161 properties For Sale, down from 170 Homes For Sale in August. There were 57 Sold properties, down from 72 Sold properties in the previous month of August – 15 less properties from the previous month of August.
Months of inventory rose slightly from 2.5 in August to 2.6 months of inventory in September, however the Average Days on the Market 36 Days.
What Does All This Mean?:
If you’re looking to purchase a Home, it’s a great time! Consider with a few less homes being sold each month as we head into winter, there’s more opportunities to get your offer accepted. Interest rates are low, which gives the buyer more purchasing power. Also, so many lenders are offering customer incentives, down payment assistance and USDA loans for rural areas. It could truly be a potential regret, not to take advantage of what the Real Estate market has to offer today.
Based on the figures, I mentioned above, the majority of Home Buyers / Sellers action is happening within the price range of $0 – $299,999.
Indicative of the 127 Homes Sold in September compared to 57 Sold from $300,000 – $599,000.
For the Seller, it’s important to price your home aggressively as we move further into our Fall time of year.
Over pricing a home can lead to longer days on the market and potentially losing Buyers interest. Keep in mind that Buyers are savvy and do their homework, in today’s market on what fair market value is presently.
Consider with our Real Estate Market continuing to show positive activity, it’s still a great time to Buy or Sell.