October Market Highlights
- Median Sale Price is up approximately $4K Month-over-Month
- Cromford Index Drops to 121 (Weak Seller’s Market)
- Year-over-Year Median Sale Price is down 0.3%
- Year-over-Year Avg Sale Price is up 6.1%
My Two Cents
Overall our market is following our typical seasonal patterns. The weather has FINALLY cooled off, bringing back many of our luxury buyers as evidenced in the average sale price being higher year-over-year vs the median sale price. Focusing on the median sale prices (more indicative of the market as a whole) we have nearly flatlined from this same time last year. This combined with the Cromford Index dropping nearly 21 points in the last 30 days indicates we will likely be a flat market through the end of the year.
What does this mean for you specifically? As tends to be the case, it depends on your goal:
- Investors: This is not the time to buy a home with the intent of a quick flip.
- Sellers: If you need to sell, get it on the market immediately (like yesterday). We are heading into the slowest month of the year for sales.
- Buyers: Get those lender pre-approvals updated. December is your best bet for getting higher concessions from a Seller.