Hello West County!  We are officially in fall!  As I mentioned last month, we will start to see things slow down just because of the time of year but that’s not always 100% the case.  Other buyers have goals to move before the end of the year so sometimes there is a little bit of a push from buyers and sellers.  Year-over-year, pending sales have decreased 2.6% and closed sales have decreased 4.8%.  Fitting right in with these numbers, you also can see that average days on market has increased 11.1% to 30 days on market.  This was the same days on market as last month as well.  This means buyers have had a little bit more breathing room to think whether or not they want to make an offer on a property.

New listings have increased very slightly and you can see everything else has increased to some degree.  Is an increase a good thing?  For some things, yes, like Median Sales Price or Percent of List Price Received.  However, we don’t want to see high days on market, super high months of inventory or too big of an inventory (that would drive prices down).  

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/