It is a seller’s market! Inventory is much lower than usual this time of year. Low inventory means less competition for sellers and better prices for them. The old advice to “take it off over the winter/holidays and compete in the spring market” is not relevant in our local market this year. Having this knowledge puts you at an advantage to get your home sold quicker and sell for a higher price. Don’t miss this opportunity. Below are a few facts to help educate you on the current market.
1. Inventory levels on active listings remained constant through 2017 and 2018 but dropped significantly in 2019.
2. Reduction in available inventory in 2019 created the beginning of a period to favor sellers.
3. While 2018 inventory levels on active listings through October were down roughly 9% from 2017 levels, sales volume for 2018 through October was up 2% over 2017.
4. Inventory of active listings in 2019 through October is down roughly 35% over the 2017 and 2018 inventory levels.
5. Sales volume for 2019 through October is down 12% from 2018 levels. The average price of the unit sold has remained constant.
Knowledge is POWER. This is especially true in real estate. Call me today for a free comparable market analysis of your home.