MARKET SUMMARY FOR THE BEGINNING OF OCTOBER
At last, we can see some signs of life in the housing market after an extended period in limbo.
Sales volumes during September remained painfully low, but the housing market does not turn on a dime. We hope to start to see better closing numbers during October as the summer heat wains and snowbirds come back.
The median sales price is up 3.6% from last year, however even if we get a slight uptick in sales in October, we may see the median sale price a little lower with the increase in supply we currently have.
Supply is increasing, as it usually does between August and November, so the extra demand is being exceeded by extra supply. Buyers will continue to have favorable negotiating power. If supply starts to fall sometime in November, which we would normally expect, and demand starts to increase then we can expect the trend to start to reverse again by the end of 2024.
We are currently in a balanced market but edging more toward a buyer’s market and that is how the market is feeling right now, with the buyers having more control. If you are thinking of buying now is a great time to buy while we are in a slight buyer’s market.
Once the election is over and the holiday season ends, I expect the market to start turning back to a seller’s market, but we have to get rid of the glut of inventory we have first.
By Lorraine Ryall
Associate Broker with KOR Properties