September was a red-hot month in the housing market. With lower inventory and fewer homes, the balance of supply and demand stayed steady, leading to another month of competition for buyers. Months of inventory increased to .76 and while it may not have felt like a huge increase, it gave potential buyers a few more options.
The least competitive market was attached properties over $1 million. While there were still 56 attached properties that sold over $1 million, the month-of-inventory for this category was 2.16, more than four times less competitive than the $300,000 to $400,000 and the $400,000 to $500,000 range.
In September, the Luxury Market remained strong with a slight slowdown that saw 501 new listings hit the market, and inventory up 4.81 percent from one month ago and 15.17 percent year-over-year.
While the market had a little boost in inventory, 418 of those new listings went into pending status, down 6.70 percent from one month ago, but up 5.56 percent year-over-year. Buyers still had to move quickly as the average days on market for a residential Luxury home was 21 days, down 12.50 percent from one month ago, and down 58 percent year-over-year. However, sellers didn’t mind the quick move because they received 101.28 percent over list price, down 0.22 percent month-over-month, but up 2.99 percent year-over-year.
The big question on everyone’s mind is whether or not we will see the housing bubble burst, but the data continues to show that it’s simply not going to. The data even supports that we’re not in a “bubble” at all.
Luxury Real Estate
In the Luxury Market, we can celebrate and be grateful for a little more inventory coming into the market and buyers having a little more time to make decisions on a home.
As you can see from the above report the real estate market is still great for sellers, but also for buyers. Now is a great time to contact us for all of your selling and buying needs!