Here are all the latest real estate market stats from September.
The real estate stats for September just came out, and I’m eager to share them with you.
The biggest news is that our months of inventory marker is at 1.1 months, which is the lowest ever that I can remember seeing. This means that if no new homes were to come onto the market, it would take just over a month to sell all the houses currently for sale. For context, around six months of inventory is a balanced market, and at around three months or below it becomes a seller’s market. So, we’re in a hyper seller’s market right now.
This is happening because we have extremely low interest rates; many sellers didn’t list their properties this spring due to the pandemic, and now more than ever people are understanding exactly what ‘home’ means to them. People are home 24/7 these days, so they’re seeing what their living needs truly are and want to make changes.
So what does all this mean for you? Now more than ever, you need to have a trusted real estate professional to be your partner and help you strategize. We have to make a plan with buyers on how to win in a multiple-offer situation in this low inventory, competitive market. For sellers, we have to strategize how to prepare their home for sale, strike a balance between making it perfect while also getting it on the market quickly, and ensure they aren’t homeless between the sale of their house and the purchase of another.
A few more quick stats, for which you can see graphs in the video above:
- The average price is up 11.3%
- The median price is up 10%
- New listings increased in June but dropped sharply in September
- Time on the market has decreased by 25%
For help with all the things I mentioned and more, or if you have any questions, reach out via phone or at asksarita.com. I look forward to helping you.