As we move toward the end of the year the local real estate market continues to show its resilience even with the total number of sales at historic lows. Once again the lack of inventory is keeping the average sales price strong and still up 6.2% this year with an average sales price of $419,500.
The average 30-year mortgage rate is 7.76%, according to Freddie Mac — while this is still relatively high, it's three basis points lower than the week before. This is the first time rates have gone down in two months. If this trend continues, I expect to see more buyers getting off the fence. Affordability for buyers continues to be the biggest challenge we face. On the flip side, we have homeowners that are sitting on their 3% mortgages and not willing to give that up to make a move and in turn keeping inventory very low.
On the front lines, I am seeing some really good opportunities for buyers. Even though inventory continues to be low, there are not as many buyers in the marketplace to compete against. I am also seeing more seller concessions in the form of seller paying some buyer closing costs or offering to buy interest rates down for homebuyers. FHA mortgages are also making a big return (3.5% down payment) which pretty much disappeared for a few years. On the seller side, I am still seeing some multiple offers on homes that are priced right and are in very good condition. Days on the market are also staying very low and list price to sold price is also staying very high at 98.8%.
Check out the complete market stats below and don't hesitate to reach out if you ever have any questions.
I hope you and your family have a safe and Happy Thanksgiving!
https://fmls.stats.showingtime.com/infoserv/s-v1/WRDW-hXc
https://fmls.stats.showingtime.com/infoserv/s-v1/WRDi-jzP
https://fmls.stats.showingtime.com/infoserv/s-v1/WRDM-MFG
https://fmls.stats.showingtime.com/infoserv/s-v1/WRDD-o7W