The third quarter of this year’s real estate market has just come to an end, which means it’s now time to look back at what changes it brought.
First of all, our market’s inventory (the number of available listings) has steadily decreased each month since June. In recent weeks, though, this trend is beginning to reverse, with the number of new listings beginning to ramp up as we head deeper into fall. This means the average number of days homes will spend on the market before selling will likely increase soon, as well.
In Carroll County, for example, listings were spending an average of 40 days on the market as of September—an eight-day drop since this June. This may not seem like a big jump, but, in real estate, every day counts.
Another area of our market that has slowed since June is the number of pending properties (i.e., the number of homes that have gone under contract). This is not uncommon at this time of year, but it’s still something to keep in mind if you plan to pursue your real estate goals in 2019.
Those thinking of listing this fall should know that they still have a shot at getting a great deal—you just have to be strategic. Statistics only show part of the story, especially when these statistics reflect what was happening in the past. As your expert Realtors, we would be happy to keep you in-the-loop on what’s happening today and to help you make the most of your listing at any time of year.
As a general tip, though, fall sellers should plan on pricing their home between 2% and 5% lower than what they would during the spring in order to generate buyer interest.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.