Q3 Market Update – Have We Reached a Tipping Point?

In the towns listed below the housing market was hot again in the 3rd quarter of 2013. Overall, sales were up, the percentage of list price received by sellers was up, price per square foot was up, and median sales prices were up. The number of new listings and the average number of days it took to sell were both down – two more indicators of a hot market. An extremely low supply of homes for sale continued to fuel bidding wars for rationally-priced, well-located homes during the 3rd quarter.

HAVE WE REACHED A TIPPING POINT?
As we write this, Congress has yet to settle its differences regarding the budget and debt ceiling – they’ve only put it off until January and February of 2014. Meanwhile, consumer confidence is rapidly eroding! Whether or not these difficulties will bring about the end to the current real estate bull market remains to be seen. If inventory starts to steadily grow, we’ll have the answer.

THE BOTTOM LINE:  Buyers, select very carefully!  Sellers, don’t miss this low-inventory market!

THIRD QUARTER MARKET ACTIVITY

This Year, Last Year & 5 Years Ago

First Chart Q3 2013

Second Chart Q3 2013