Real Estate Update
ó In October, the median price increased to $321,000 compared to $318,500 in September.
More importantly, the median is 10.7% higher than a year ago.
ó The available housing inventory is at 1.6 months. Inventory typically tapers off during the Fall/Winter months and then increases again in the Spring/Summer. A “normal”or “balanced market” is considered about 2—3 months.
ó Due to traditional buyer slowdown at this time of year, the market is finding some balance. The market is still leaning towards sellers but only for the homes that are priced right/show well/great marketing. The others are sitting and having price reductions. #PriceSensitiveSellersMarket