“How's the Market?" Nov. 9th edition

“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing. As we welcome the wonderful Fall weather, I'll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

I hope you’ve been getting out and enjoying our unseasonably warm weather! The sunshine and warm temps are just what we needed to help unwind after a tense election and the increase in Covid cases. On the home front, demand continues to outstrip supply. 

This past week saw thirty six detached homes hit the market, and twenty six go under contract. 

Here’s what the first weekend in November brought us: 

Between Thursday Nov. 5th and Sunday Nov. 8th:

• 38 properties came on the market:
• 36 detached properties ranging from $335,000 - $2,199,999
• 2 townhouses  ranging from $350,000  - $375,000

Over the same period 

• 26 detached properties went under contract
• 12 of those were on the market 7 days or less, 
• 6 were under contract in 3 days or less

The bottom line is that there’s still a lot of room for more homes to come on the market to compensate for lost ground during the pandemic pause. And an increase in supply is likely to lead to stronger year-over-year growth in home sales. Contact me today to understand how this information is applicable to you whether selling or buying. Market data can only get you so far, you need a guide (like me) to use it to your best advantage. if you’re contemplating venturing into the market whether selling, buying, or investing, I’m here to help.