Local Market Report – October 2019
You may have seen a recent article in Forbes suggesting that the largest housing boom in US history is already underway. Citing conversations with numerous experts, the article presents arguments both for and against the boom prediction.
Facts supporting the prediction:
- Millennial demand for housing is rising in recent years
- Young buyers are more educated about buying than previous generations
- Job and wage growth increases affordability for buyers
Facts rejecting the prediction:
- Lack of inventory will prohibit a housing boom on a massive scale
- Millennials are cautious buyers that may not follow historical trends
- Many young buyers feel unprepared to purchase a home, often citing debt or lack of savings as a main concern
Whatever happens on the national level has some effect locally. However each region has its own set of circumstances, and even within our own area we see a variance city by city, as noted on the chart below.
My own experience tells me that there are tons of buyers still looking for homes even though what’s thought of as the typical “selling season” is over. Supply is low and demand is high. Interest rates remain at historical lows. If you’re wondering about buying or selling right now, let’s get together and review your situation and see what might be your best scenario.
|A “balanced market” is a 6 month supply of homes. A “sellers’ market” is anything less than that, while a “buyers’ market” is any that has more than 6 month supply.|
|CITY||October Average Sales Price||Year over Year Appreciation||October Ave. Days on Market||Total # of Sales – October||Total # of Sales – YTD||Active Listings||Months of Supply||Previous Yr Supply Change|
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind the scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course. Learn more here.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com