Here are the numbers you need to know about our fall real estate market.
It’s been a hot summer this year and an even hotter seller’s market. Now that the seasons are changing, is our market changing too? The truth is, markets are always changing, so today I want to go over how things are shifting and what these changes mean for you.
To understand our market, we need to understand the impact of the pandemic. Even before COVID hit, we were in a strong seller’s market. After, buyer demand exploded, and when this demand met our low inventory, you get the crazy market we saw a few months back.
So are things radically different now? Not quite. It’s still a hot market, but the home that would have received 10 or 15 offers in June is probably seeing more like three or five today.
Let’s take a look at the numbers to illustrate my point. Over the last three months, the number of new listings decreased by 6.2% for single-family homes and 7.1% for condos and townhouses. Pending sales also decreased by 24.4% for single-family homes and 16.2% for condos and townhouses. Inventory has decreased by 2% for single-family homes and 35% for condos and townhouses. Meanwhile, the average days on market has been 24 days for a single-family home and 22 days for a condo or townhouse.
The average price for Onondaga County is about $225,000. This is up 20% over the last two years. Sellers are receiving around 101 to 102% of their list price. A lot of people think nothing sells in the winter, but our low inventory and high demand mean you can still get a great deal on your home.
If you have questions about today’s video or anything else related to real estate, please call or email me. I am always willing to help.