November 11th Market Update
⏰Time for another market update!
📈It looks like inventory peaked last month for the year. There were 94 new listings added and we have 259 active listings on the market today. Homes going under contract were up and closings up too. Overall it was a strong month. Median List price is $675K, a 26% increase over the same time last year. We continue to see homes that sell in the first 30 days selling at 102% to asking price and 95% to asking price overall.
📉The Fed made the 2nd rate cut of the year last Thursday but mortgage rates were bouncing around all week. There may be another rate cut next month and continued rate cuts should begin to drive down mortgage rates, but for the time being they are unlikely to fall significantly given the current climate.
🗳️What impact will the election results have on the real estate market? Historically we have seen the number of home sales increase after 9 of the last 11 presidential elections. Existing home prices have climbed after 7 of the last 8 presidential elections, with 2009 following the 2008 financial crisis being the exception.
🏘️Since we have the highest inventory levels we’ve seen in over two years, Buyers have more options to choose from than they’ve seen in a long time. If I was seriously considering buying a home, upsizing or downsizing, I would not wait until spring. Interest rates may not be much lower and prices will be probably be higher. I would get pre-approved, find a buyers agent and start looking today. Buyers will find they have more negotiating power during the slower winter season.
🏠Homeowners thinking about putting your home on the market in the spring should start interviewing agents now and figure out what you need to do to get your home ready for market.
👋If you’re looking to jump into this market as a buyer or if you’re a homeowner curious about what your home might be worth in today’s market, give me a call…I’d love to chat with you.
*Data from CGNDMLS on 11/9/24
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