According to the latest numbers, fall is shaping up to be a great time to buy or sell a home in our market.
What do the latest numbers from August tell us about our market?
First, we saw 52% of all the single-family detached homes that were listed sell, which is up 1% compared to the previous month and down 2% compared to August 2017. The average sale price of these homes was $437,000.
We also saw 47% of all listed duplex and row houses sell, which was a 14% decrease compared to the previous month and an 18% decrease compared to August 2017. The average sale price of these properties was $341,000.
In the condo market, 46% of all listed condos sold, which was about the same as the previous month and up 5% compared to August 2017. The average sale price for these condos was $246,000.
For buyers, this means the market is still holding steady as we approach the fall season, and your buying power is still fairly strong. While it’s important to take your time in searching for the right home, you need to remember that there are hundreds of other buyers out there hunting for the same thing you are, so make your move before it’s too late. There’s nothing worse than missing out on your dream home and having buyer’s remorse.
For sellers, this means the market’s gearing up for a strong fall selling season. Your chances of selling a single-family home are about the same as they were, while duplexes and attached homes seem to be trending downward a bit. How you price your property will make all the difference here. We’re not saying you should price your property so that you’re also risking a big loss, but pricing your home competitively early on will give you the best chance of selling in this market.
If you have any other questions about our market, you’re curious what your home is worth, or you want to get started with your home search, don’t hesitate to give us a call. We’d love to help.