Inventory continued its steep decline in October, leaving just a third of the amount of listings on the market as this time last year. In the same time period, the median listing price has increased more than $100k and average days on market fell by half. For the first time this year, the sale-to-list price ratio has broken past 100%, indicating that, on average, properties are selling for more than their asking price.
Dropping inventory continues to be good news for sellers, who are receiving, on average, more than what they’re asking for their homes. However, for sellers looking to stay in the area, finding their next home will be the major challenge, and may be preventing many sellers from listing.
Buyers continue to be in an especially vulnerable position, facing a stark lack of inventory and stiff competition for the few properties available. To be successful in such a tight market, buyers will need to be aggressive with their offers, solid in their financing, and flexible in their home search.
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