According to the latest numbers, now’s the time to sell in our market.
As we make our way through fall, the latest numbers from our Cleveland real estate market indicate that things are going pretty well.
As of the recording of this video, there’ve been 1,958 listings that have come onto our market in October, which is a 17% increase compared to the 1,669 listings that came on the market during October 2019. That’s a big increase, and quite honestly, I find it surprising; I would not have expected more listings to be coming onto the market in the fall. This isn’t necessarily causing problems because demand is high enough to meet and absorb this level of supply.
There have also been 1,236 pending homes this October. By comparing the total number of homes for sale versus those that are pending, we find that we have 1.74 months’ worth of inventory. In other words, if no new homes came on the market, we’d sell all remaining inventory in under two months. August was the last time we checked the level of inventory, and it was a 2.5-month supply then, which was already fast, so it’s even faster now.
What happens to prices in this situation? As you can see at 2:14 in the video, the average sale price has continued to climb while the average market time for homes declines.
In short, this is a strong market for sellers. If you’ve been thinking of selling your home, now’s the time to take advantage of these conditions. I do, however, expect demand to wane as we move into the latter part of the year and the weather turns colder (or we perhaps experience a spike in COVID-19 cases). In that instance, the average market time for homes would rise for a bit as well. If you’re a buyer, you may want to consider taking advantage of this development and get your shopping list ready.
As always, if you’d like to talk more about our real estate market or there’s anything I can assist you with, don’t hesitate to give me a shout. I’d love to speak with you.