Q3 MARKET RECAP
September trends were on track,
with increased inventory and a softening in sales as is expected this time of year.
Inventory is up
14.3% from last month.
Typically, MSI* of 6 months+ indicates an excess of homes for sale, aka., a Buyer's Market. While we are trending in that direction we are not there yet. This additional inventory combined with
historically low interest rates
, provides
excellent opportunities for buyers
in our changing market.
Sales are down 12.9% from last month but this
decline is to be expected as the holiday season nears.
We continue to see
homes appreciating in value
, albeit at a slower pace than the frenzied climb of the recent past. Presently, appreciation in home value for 2019 is 3.6%.
This slowdown is considered
a correction of a heretofore overheated market
. All indicators reveal
a balanced market performing at a much healthier pace
for people to make prudent decisions. Roughly 95% of economists are predicting a mild recession in 2020, to have little or no effect on the real estate market.
*
Months Supply of Inventory