Hello West County!  As we head into fall, we are definitely seeing things slow down.  Year-over-year, pending sales have decreased 6.1% and closed sales have fallen 7.1%.  Fitting right in with these numbers, you also can see that average days on market has increased 25% to 30 days on market.  This is a welcome break for buyers out there, who can now actually find some time to think about the purchase before having to rush to get an offer in. 

New listings have increased very slightly which makes sense, because I still have buyers out there just waiting for more things to hit the market.  Average sales price has increased year-over-year which is always a good thing.  The slow down of sales, however, is starting to level out the crazy price wars we were seeing.  The slight decrease in Percent of List Price Received is also a sign that crazy bidding wars are slowing down.  It is pretty much at 100% of list price, which just means homes are selling for their list price exactly.

As we approach the slower cyclical season of real estate, if you are in the market to purchase a home, rates right now are on the lower side which gives you more buying power.  Better deals can also be found in the slower months as you are not up against as many other buyers so sellers should price accordingly for that.  If you are curious what your home is worth, click the link below and I’ll send you a personalized, free market analysis.  https://livingwestcounty.com/value/