Tis’ the season to be Jolly- sorta. With all that’s going on with the pandemic, spirits have been a lower this year. If this year has shown us anything, it is to expect the unexpected.
We saw historically low inventory in November that did not help our issue with options for buyers. Without these homes to sell, there were less homes pending and homes that sold. We are at a 0.51 months of inventory. What does that mean? Theoretically, if no more homes were put on the market right now, we would sell out in half a month. To remind you, for a balanced market, we need 6 months of inventory.
All price ranges under 1 million are in seller’s market. Over 1 million (luxury) it changes to buyer’s market however, only 133 active luxury listings currently which is relatively low.
As we approach the end of the year, we will still see a busy, competitive market. Prices remain strong for sellers as multiple offers are coming in and interest rates remain advantageous for buyers. What a year it’s been!
Monthly Words of Advice: “The key is in not spending time, but in investing it.”