Home sales for the past month are down slightly from last year, but with 663 homes listed for sale in October, just under 86% of homes listed are selling. Single family homes with 4+ bedrooms are the most frequently expired, with an average “unsold” list price of $403,631. This isn’t that surprising, since the market for more modest homes will always attract a larger percentage of buyers. Average days on market for a sold him is still hovering around the 30 day mark.
Our months of supply climbed slightly last month, but still trends in favor of sellers. That’s not to say that buyers have no negotiating power, and most will have an easier time find their new home now, than in the earlier Spring and Summer months.
The average sold price of homes climbed slightly last month, and was up almost $10,000 from the same time period last year. In the grand scheme of mortgage payments, this increase is unlikely to affect affordability for most buyers, and attractive interest rates help to “absorb” that modest increase.
Interest rates were largely unchanged for 15 and 30 year fixed mortgages – the 30 year fixed rate actually fell ever so slightly. There were slight increases in the 5/1 ARM and 30 Year Jumbo categories, but the increases were minimal, and unlikely to impact most buyer’s bottom lines.
Market conditions in real estate can change quickly and unpredictably at times. Your best bet for navigating any market is to have a trusted agent on your side. If you have questions about buying or selling, please contact me today!