As we share the market stats through October, we are mindful of a descriptor we use to explain how different market segments behave and perform differently when the market is in flux… and that term is “pixelization.”
What we are seeing locally (and around the country) is that some market segments are hotter than others, some have seen growth in inventory while others still have few listings, and some have statistically turned into a buyer’s market while others are still squarely a seller’s market.
The key to navigating through the “heat map” of pixelization is to study, study, study the data in each micro market segment to best understand how to capture leverage to your advantage.
In the meantime, here are the overall-market metrics, bringing you current through the month of October:
- The total number of new listings in the market YTD is now only 8.4% off from last year;
- The sizable (8%) drop in new sales we witnessed in August (due to an especially focused back-to-school time this year) has resulted in the considerable (5%) drop we saw in closed sales in October;
- Both median and average sales price metrics jumped again from closings in October, further bolstering the YTD figures as well;
- 98% continues to serve as the benchmark for sales-price-to-list-price ratio YTD, though the average days on market is up sharply (40%) from this time last year!
Incidentally, as we all consider the holiday season upon us and its potential to distract from real estate sales, keep in mind that during the last two months of last year we experienced 519 new listings and 433 new sales. In short, real estate never sleeps… even during the holidays!
All our best to you… and THANKS for the opportunity to serve you!!!