October was a pretty big month for homes sold (closed escrow)! The month prior had 30, and October 2024 had 26. 38 is a major jump! This was likely spurred by the slight interest rate drop that occurred in September. Because of this big jump in homes sold, there is now also a noticeably lower number of homes on the market. That, couple with the fact that we are now about to head into the holiday season, when many sellers and buyers put things on hold for a bit. From the data, it may appear as if the market has dropped by 6-7% but that definitely not the case. It’s important to remember that the data is based on a very small data set – one month. And you’ll see that last year in October there was a huge $4.6M sale, which skewed all the numbers upward. The better number to look at is the Median Sold Price, which essentially is about the same, and again, when taking into consideration the small data set, doesn’t really reflect an actual drop. Prices in fact have held pretty steady. Some areas experienced perhaps a .5% drop from last year, while others are still up 1-2%. For a more in depth analysis, always feel free to give us a call, and we’ll be happy to do a deep dive with you!
