The first 11 months of 2015 shows us ahead of the rate of sales for last year in an environment with markedly lower inventory. This puts the balance of listings and solds into a healthier framework, helping sellers get desired results and helping buyers stay focused on finding the right home.
When inventory was too high, there was no way to know what the right asking price should be. Some sellers gave up quickly while others held out for a number that did not materialize. Buyers had too many distractions then too, with no urgency to buy when the chance still existed that prices could soften further.
As we close out this year and look optimistically toward next, most feel the market will continue to improve in small increments. We still have little or no new construction to attract buyers that prefer the smell of sawdust. Interest rates are inching up but if you are complaining about rates right now, you will not get sympathy as they are still quite low compared to much of our recent history.
Enjoy the holiday season with your family and friends and remember to stay safe and warm. We will see you on Canyon Road the evening of December 24th and again at Times Square the evening of December 31st. If you can’t make it to either of those times of celebration, send money or just buy a house.
By Alan Ball, Real Estate Broker