We call this Front Lines because we are sharing with you what is happening on the Front Lines in the local real estate market. Unlike the newspapers and the mass media that share historical information that is 90-180 days old or information from some other state, Front Lines is all about what is happening this month, this week and today in our LOCAL market. This what we are seeing and what sellers and buyers in today’s market are experiencing. You can see the actual numbers in the stats section and go to Out on a Limb to hear where we think the market is going! We update this monthly so bookmark this page to check back on regularly.
Fall is in the air and in the market as well. The single-family sector has slowed as it always does once school starts. We lose our relo buyers as well as our non-local move-ups at this time of year, so single-family sales are limited primarily to local, same school district, move-up buyers. That narrows the field dramatically. Single-family home inventory stands at 84, down from 89 in August and down from a high of 108 in June. It is also less than the 96 we had available in Sept of 2016. There were 25 single family homes that came under contract in the month of September, down from 35 in August and 27 in July. August numbers are higher, as there is always a little spurt of demand right before school starts. The average Days on Market for a single family home was 41 for September. Unless the market picks up, there will be fewer single-family homes sold in 2017 than there were in 2016 and possibly 2015. 296 have come under contract so far this year, with just 3 months remaining. Last year there were 384 sold, and in 2015, there were 373 sold. We are 88 sales behind last year at this point. In the last quarter of 2016, there were 70 homes that came under contract, so if we hold the same pace, we will fall short of both 2015 & 2016. Not a huge problem, just our market settling back to its normal pace. The townhome sector is faring a little better. Current townhome inventory stands at 59. While down from 65 in August, it is still higher than every other month this year. It is well down from the 89 that were available in September of 2016. Sales for townhomes dipped slightly to 52, from 56 in August and 52 in July. Excluding January, with 36 sales, these were the lowest three months of the year. It is well above the 43 that sold in September of 2016. Average Days on Market for townhomes that sold in September is 20. We are poised for townhome sales to end the year at a higher number than 2016. There have been 555 townhomes sold so far in 2017, compared to 675 for all of last year and 717 for 2015. There were 129 townhomes sold in the last quarter of 2016, so if we match that, we pass 2016’s totals. Beating 2015 will be a stretch, but still within the realm of possibility! As the year continues to unfold, I will, as usual, keep you informed!
Sellers…If you are looking to sell your home this spring, you should call us now for a few reasons. First, and very important, is so that we can get our outside photos and video done while there are leaves on the trees. This is very important to marketing in that you do not have to wait until April or May for the leaves to come out to market your home. Secondly, so we can show you what needs to be done to your home, or what you don’t need to do to your home to get it ready to shine in the marketplace. Lastly, we can set up a strategy, so you are timing it right in the market to achieve full potential for your home. This is huge, and timing it right matters more than any other factor. We can show you this statistically and you will appreciate the insight we bring to helping you win in the local market.