Market Update: September & Early October Momentum

Throughout September and early October, we saw some positive sales momentum in the local market. Interest rates, however, have recently risen to about 7%, a trend we’re watching closely and hoping will reverse soon.

Typically, rate hikes could slow down the real estate market. But one factor working in our favor is the usual Seasonal Decline in inventory, which we’re already seeing. With supply and demand both potentially dipping, we may see minimal shifts in prices or sales volume in the near term. We’ll have a clearer picture of how the market responds to these rate changes within the next month, especially with some hopeful projections that rates may decrease again soon, spurring more buyer activity.

Recent Market Insights:

  • Increased Buyer Leads: Our team has connected with more potential buyers lately than in previous months, indicating renewed interest in the market.

  • Steady Sales Activity: While some listings are slower to sell, most properties are moving once they hit the market. If a property isn’t selling, it’s often due to pricing or the need for enhanced marketing.

  • More Offers in Play: With more showings, we’re seeing an increase in offers, contributing to a rise in recent sales.

Market Facts:

  • Average Price: Up 5% from last month
  • Pending Contracts: Increased by 11.9% from last month
  • Days on Market: Properties are selling 10 days faster on average compared to last month