Feast on these numbers
Because you’ve got more important stuff to do… Let’s just get right into it.
MY PREDICTIONS LAST MONTH:
- Median sales price is up 10k to $540,000 – WOW
- Homes are sitting for 9 days before contract. That’s up from what we’ve seen.
- Closed AND Listed less homes than we did last month
- 1 month of inventory – good, but need more
Obviously, nothing too crazy in this month’s market stats. Except for the fact that our median sales price jumped even higher (which I didn’t think would happen till spring), we didn’t see a ton of movement. While we didn’t have as many new listings last month as the month prior, we have more this year compared to last which makes me feel alright about the change.
I imagine, as we creep into the holiday season and get ready for the cyclical slowdown of winter, we will see less movement. We should remain fairly quiet until mid-February. Historically, home owners will shy away from listing their home in the winter season. I want to stress THERE’S STILL BUYERS OUT THERE. There are some serious benefits to listing your home in the winter. Your home has less competition. The buyers that are looking in the winter tend to be more serious about their purchase which means less transactions falling out. Not to mention, the home inspector can’t test the air conditioning units, so… one less thing to worry about there (hehe).
While we didn’t see a lot of movement in the market, there is one thing that we should all keep our eye on. Zillow, the tech giant, was purchasing a ton of homes in select markets around the nation this year. Yes, the company that wants to “help buyers find their dream home” was actually one of the biggest investment firms of the year! They were nabbing up properties from right under the customers that they claim to help. A little nuts if you as me. BUT, they just stopped all their purchasing. This will change a few of the markets they were buying in because they were buying these properties at top dollar numbers. I would venture a guess that Zillow is underwater in more than a few of these properties. I’ll keep an eye on this for us, but a few sources are nervous that it might be a sign of a sizeable market correction. I, however, believe we will have to just wait and see.