Are we on the verge of a bubble? A shift? A crash? A market correction? We’ve been hearing questions about all of these possibilities frequently as we’ve entered the fall season. People want to know if they should be concerned or not. The best way to answer these questions is to simply give the facts we can see about the current market.
It’s pretty clear that our local market is undergoing a shift, especially in contrast to what we saw in the spring.
In 2018, we’ve been in a very low inventory market. There were high amounts of showing activities in the lower price points, leading to tons of showings and multiple offer situations.
We also saw an average appreciation of about 5% to 8% this year, which is above the norm of the last few years. Experts say that is likely going to transition into an average appreciation of around 2% or 3%.
Moving forward, we’re seeing that showing activity is definitely down in most price ranges, and the inventory is balancing a little bit. It’s still on the low side, but things are changing as we move into fall.
We’ll continue to monitor these trends, but overall, there’s no need to panic. Despite the inevitable slowing down of the market, we do tend to stay relatively busy throughout the fall season up to Thanksgiving. Depending on the weather, we may still see a good amount of activity even into December.
If you have any questions about the local market or real estate in general, don’t hesitate to reach out to us. We’d love to hear from you.