Now that we’re into November, there are four statistics you need to be aware of to get caught up on what’s happening in our market:
1. The number of homes sold per month (0:34). Back in July, it was about 3,600. In October, it was about 3,200, which is an 11% decline.
2. Market time (0:51). In July, homes sold, on average, within 58 days of being listed. In October, that average increased 12% to 65 days.
3. Close-price-to-list-price ratio (1:08). In July, this ratio was 98.9%. Now, it’s dropped to 98.1%. That’s still very good, but people are getting a little less for their homes.
4. Median sale price (1:26). Since July, this number has dropped from over $160,000 to close to $150,000.
What’s caused these numbers to fluctuate the way they have? The school year began and the weather started getting colder, which means fewer buyers are out and about. This is normal for this time of year, but there are still a few implications to be aware of as a seller.
First, you must be more accurate in your pricing. There has to be less bargaining room, because that price must attract buyers. Also, your marketing has to be better. I spend a lot more on my clients’ listings in the fall and winter than I do in the spring and summer. Finally, have realistic expectations. Your home will probably take longer to sell than other times of the year. Again, this is normal.
If you’re a buyer, now represents a great opportunity. If you’ve been looking for a home all year and you’re ready to give up, don’t stop now. Since there are fewer buyers, your chances of finding the right home are much greater.
If you have any more questions about our market, don’t hesitate to reach out to me. I’d love to help you.