The next few months may be a bumpy road for the real estate market. With the Holidays quickly approaching, sales typically slide a bit downwards. Plus while we all work out the new lending laws, this may be a time of frustration and chaos. There are quite a few people in escrow now, so let’s hope things go well.
Reviewing the graph below, the number of sales of houses (consisting of single family residences and Planned Unit Development units), indicates it has been a rather healthy year. Last year was slow and we did see a bit of a rebound this year. Comparing to the early 2000’s, we are right in line.
What is striking is the number of condominium sales year to date. It is the highest number of sales within the timeframe that is recorded below. There are roughly 41% more transactions this year than last and 19% more than the next highest year (2002). These additional sales can be contributed to some large condominium developments that sold many/most of their units this year.
As with the number of sales for condominiums, the median for condos is higher than last year. In fact, it is up 4% compared to last year at the same time. It will be interesting to see how the condo market fairs next year without any large new construction.
Inventory is slowly picking up, but we are still considered in the low inventory area. Here is the expanded breakdown of available houses by price:
The following chart provides more detailed information by city/area of how the market faired in the month of September and year-to-date information.
This is repetitive, but interest rates are still low. It’s a good time to buy your home or even a second home for investment purposes.The Feds will someday raise the rate though they again did not do it at their last session.
If you need to buy, sell or just have questions about our real estate market, be sure to contact your suding // murphy partners today.