Buyer traffic slowed in September and October as the kids headed back to school. In the last couple of weeks buyers have re-emerged looking for some fall bargains. Sellers that do not wish to hold onto their properties through the winter, can be more motivated this time of year. Often some of the best buys of the year occur during this period.
October numbers remained strong and units sold (47) were up 24% over the same period last year. Year over year units sold are up 3%. Days on the market dropped a substantial 45% in October, and are down 16% year over year. Average sales price in October was $345,568, and prices are up 9% in the last year. Total dollar volume is up 12% over last year and inventory at the lower price points is in short supply. REO/Bank Owned activity has dropped off to 17% of the market in October, down from 30% earlier in the year. This and the lack of inventory has allowed some sellers to raise prices, and should bring some new sellers off of the sidelines.
Please contact me if you would like to see what deals are available this fall. The price range of $700,000-$1,200,000 offers some great opportunities.
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