We have been seeing inventory continuing to rise in the county. As of November 3rd we had 2065 single family homes, condos and townhomes. While active inventory is less than last month, it is up tremendously from last year’s paltry 752! Still 2065 listings is really nothing in a county that has a population of almost 2 million. This figure has been staying quite constant for a number of months.
Also compared to last month our pending sales and closed properties have been similar. There were 1190 pending and 1145 closed properties in October.
Having a robust local economy continues to bode well for the real estate market in general.
Since around May, buyers have had more inventory to choose from so those rapidly escalating home prices came down from the nose bleed heights that they had shot up to in the spring. Mind you some areas close to the tech companies are still quite red hot, most areas are simmering. Buyers who were competing with 10+ others are now able to make offers without any or very little competition. Also we have seen some price pull-back so buyers might be able to be back searching in the areas that they were priced out of earlier in the year.
Interest rates are now hovering around the 5% level. There are rumors that we will see another interest rate hike before the end of the year. This point is something to watch out for as it can make a change on the buyers’ ability to qualify for a home. Their buying power can be compromised so it is good for buyers to get out and find that home before the anticipated December rate increase.
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