It stands to reason that homes are going to take a little longer to sell, when buyers don’t feel pressured to snap up the first great property they find.
In September, the average residential property was taking 53 days to sell. Single family homes took an average of 51 days, while condos took 57 days on average. Those aren’t uncomfortably long times on market by any means, but it does reflect an increase. As long as inventory levels remain strong, it’s likely that days on market will continue to grow. Inventory levels actually dipped slightly from August to September, but still remained 47% higher than the same time last year!
While inventory levels may seem high in contrast to years prior, we’re actually experiencing an incredible amount of balance in the market. Our sales to listing ratio sits at a healthy 55%. That means sellers are selling and buyers are buying at a fairly consistent pace. Sellers may have to wait just a little longer to make that sale, but they’re commanding a strong price. Buyers are enjoying selection and making informed decisions. REALTORS® are helping both take advantage of very favorable conditions. Whether you’re buying, selling, or just contemplating, it’s a good time to talk to your local REALTOR® – here when life happens.