Last week we pulled back the curtain to give you a behind the scenes look at what is happening in the real estate market in Seattle, the Bay Area, the Washington Metro Area and Chicago. Mixing our proprietary market data with our agents’ on-the-ground insights gave us a solid look into the trends that shaped the October housing market.
A few national trends caught our eye:
A Gentle Decrease in Sales Volume: Last month we saw sales volumes plummeting in just about every major metropolitan area we covered. This month most of the numbers are still heading south, but nowhere near the precipitous drops we saw going into October. There were a few areas that bucked this trend, most notably Seattle with an increase of 7% and Washington DC with an incredible increase of 20.8%.
Inventory is Scarce: The inventory numbers, without exception, are down across all the metro areas. Sellers are pulling their listings off the market and waiting for spring before they try again. We should see more of the same next month with some relief coming after the first of the year.
Same Old Same Old with Prices: The expectation was for median price to head down as we head into winter, but it looks like it’s holding pretty steady in most areas with a downward trend of 1% – 3%.
Have you seen any trends in the housing market? We’d love to hear war stories from people in the thick of the real estate market. Post something below and spark a discussion.