A look at the current real estate market; provided by RE/MAX ALLIANCE Downtown.
As we move into Fall and Winter and temperatures start to drop we see a slight seasonal cooling in the Real Estate market as well, but when we compare year over year numbers we are running pretty hot. October 2015 had an increase of 15.2% Single Family homes sold and the Median price increased a strong 9.4% year over year.
Days on market continue to fall with the average days on market coming in at 65 Days. When you consider 30 to 45 days is the average time from contract to close you can see properties are receiving contracts in many cases the first two weeks they are on the market. Currently our months’ supply of inventory is at a very low 2.0 months. To put this number in perspective a balanced market is usually found at 6 months’ supply of inventory.
What do these numbers mean? Essentially we continue to be in a Seller’s Market. So as a Buyer you want to make sure you are well educated on the market and able to move quickly. This takes having a great team on your side including a Realtor and experienced Lender. On the Sellers side it is a great time to place your home on the market. We are certainly shaping up for a great Winter Spring Real estate season so remember we are always here to answer your real estate questions from large to small.