Wow… how time flies by, I cannot believe we’re moving into November next week, and the Holidays are right around the corner.
Overall the market is relatively flat with no big changes over the past couple weeks. Inventory (the amount of homes on the market) is currently on the rise at 8.3 months. What does this mean to you?… It simply means that currently it could take 8.3 months to sell your home if you’re not price positioned ahead of the market. Of course there are variables with the amount of inventory based on price point, so it is important that you understand the current inventory level is an overall average. The lower the price point, the lower the inventory, the higher the price point, the higher the inventory. Yes… we anticipate demand will increase dramatically this season which may sell much of this inventory, although as we move toward 2015 season we will also continue to see seasonal inventory levels grow. This trend is historical, and we will likely continue to see this trend until demand outpaces inventory which we’re hoping to see late 2015, early 2016. Low-end housing is moving quickly and high-end housing is moving quicker… as long as buyers see value in the property and price. I’m seeing a trend in the above $2M+ properties starting to sell now which is very good news, and encouraging to luxury home sellers that have been waiting for a long time to see positive movement in the luxury home market.
I have been very busy taking listings, and my sales are VERY good as well. Frankly there is a BIG pent-up buyer interest out there, as buyers (especially luxury home buyers) have been sitting on the fence patently waiting to feel a higher level of confidence in the market to pull the trigger, causing some to finally sell. I remain positive and believe this coming season we will see quite a lot of luxury homes sell, creating the trickling down effect we’ve been looking for.
I hope these updates provide you valuable information to keep you “In the know”.
Until next time enjoy this gorgeous fall weather!