Here we are again at the start of another holiday season! We are really beginning the countdown to 2023, now! If you are dreaming of a new home for the Holidays, then now is the time to start making plans! There isn’t much time left!
Mark your calendars for November 19, as we are hosting another Community Shred-It Day to help you declutter and prepare for the holiday rush! Just stop by our offices on Avenue of the Fountains between 11AM-1PM, and drop off your unwanted documents. They will be safely and securely shredded for free!
We are definitely seeing a more normalized real estate market, with a better balance of buyers and sellers. We saw a pretty sharp uptick in Days on the Market, to 56 (as of 9/15), but the buyers are still out there. Average sales price continues to increase, although at an expected slower pace from previous months. The Cromford Index, at 173.5, still tilts slightly toward an advantage to sellers, but it’s expected to continue to move toward a more balanced market, near 100, as we close out the year.
To put things in perspective, while inventory seems to be quite high compared to what it was in 2020 and 2021, we are still nowhere near the inventory levels of the last “normal” market in 2016. The high water mark, achieved in 2007, was an average 340 days on market, and we are still well below an average of 100 days on market. That may changes if interest rates stay high. But for now, we are still in a sellers’ market.
Want a peek at our October Newsletter? Click here to access an online version!
The real estate picture is constantly changing, and can even vary between neighborhoods. If you are thinking of selling or just curious about what your home may be worth in this moment in time, please give us a call! Our market experts are ready to help you achieve your dream!