Our third quarter market update for 2018 is here, so let’s examine how recent real estate developments may impact your goals.
Our third quarter market review for 2018 holds good news for homeowners.
Right now, inventory is at a seven- to 10-year low. There were 9,794 homes on the market last month, and, of those, 3,510 sold. This tells us that about 36% of the available homes in our market are selling each month, leaving us with a 2.8-month level of supply.
Given that a six-month supply is required for a balanced market, our current inventory levels put sellers in the driver’s seat.
In fact, listings are spending an average of just 46 days on market, and are selling for 90% of asking price.
However, while rising inventory is good for homeowners, current conditions have created a challenge for today’s buyers. Our own team is currently working with five great families who are searching for the right property to call their next home.
With this in mind, we have an important question for you: Who do you know who could benefit from selling their home? If anyone comes to mind, please connect them with us.
As always, if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.