October market Report:

 

The Preliminary numbers from HAR for October are in.
Listing activity itself was relatively stable, with roughly the same number of new listings entered in October year over year.
We currently have nearly 9,000 more listings available across the city than we did last year at the same time. This is leading to a larger number of price reductions off of the list prices and we are seeing days on market extending quite a bit.
Average Days on market has crept up above 60, so if you are a seller, you need to recalibrate to the new normal.
The good news is we still sold more than 7,000 properties in the city last month so sales are occurring all the time...it's just that now it has actually become critical again to know the market.
Its vitally important that the agent helps their seller be aware of who the listing is competing with and making sure the value of the property is shining forth in the listing description, photos, etc.
Prices are still up nearly 8% year over year. We may see things level out a bit as we move into the holidays, but as always, I expect to see some robust activity next Spring.
Investment property update from last week:
I have this builder calling me and telling me he has some incredible deals if people can close before then end of the year...If you were on the fence, PLEASE call me and let me tell you about these.
We are here to serve you
if you have a Real Estate need.

Friday Thought:

The ultimate form of preparation

is not planning for a specific scenario,

but a developing a mindset

that can handle uncertainty.

― James Clear