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The market tightened in October with months of inventory dropping from 0.4 months to 0.3 months. That might seem like a small change, but it’s a 25% decrease from an already low number. The supply/demand imbalance resulted in 67% of the homes selling for a median of 12% over asking price. The homes selling with multiple offers still tend to be underpriced, but they are going higher than expected, so appreciation is still occurring. Historically, appreciation usually stalls by this time of the year. Year-over-year, prices are up 30%, which is likely higher than the actual number (appreciation is tricky to measure). Bottom line, it continues to be a great time to sell. It also continues to be tough for buyers, but with the right strategy and team it is completely possible. Please let me know if you would like to know what your home is worth or if you want to discuss winning in this crazy market. I am here to help!
