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Once summer ends and kids are back in school, our market looks like an upside down check mark starting in August. September, we typically see a little less inventory, then a lot of activity in October and then November and December begin a traditionally slower season during the holidays. Looking at just the month of September but going back the last 4 years, months supply of properties for sale has steadily increased from a low of only 1.5 months in September 2021, 2.7 months in September 2022, 3.5 months in September 2023 and last month we had 4.6. A balanced market is 6 months of supply and this steady increase is one of the bigger changes in our market since COVID. This balance has meant more time on the market for sellers and more options for buyers.
New construction closed sales was only 3 short of the highest number of new construction properties sold in the last 5 years with 532, with April of this year being the most sold with 535.
Inventory of townhomes and condos continues to be higher than 6 months meaning it’s a buyers market for that sector. With 2,803 properties for sale last month, that’s a 52% increase from last September. Its also a huge increase from the beginning of the year when there were 2,263 townhomes/condos for sale.
Looking forward, what does this mean?
For sellers, the fall is the time to make your move. Reduce your price, host Open Houses and market those activities everywhere you can to attract a buyer before November and December and there’s less activity.
For buyers, the fall and later in the year is a great time to negotiate a good price and good terms on a property.
If we can help in any way, please don’t hesitate to reach to me and Adrianne. We’d love to learn more about your situation and your goals to see how we can best assist!
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