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
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