While the local housing market is fine for now, things may get even better soon.
How is this fall looking for potential homebuyers and sellers? Let’s take a look.
Firstly, the market seems to be stalling out a bit--something that’s happening not just here, but throughout the country. Interest rate rises and a few big storms factor into this, but we’re hoping for a market increase in November, where numbers have historically been high.
If you’re thinking of buying, it’s still a good time. We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
In the video, I mention an MLS reporting for the Outer Banks area; if you'd like that information, click here.
Here are the numbers I’ve found:
Under-contract listings are down by 17%, and the absorption rate (weeks it takes to sell current inventory at the present rate of sales) is up by 36%. Right now, we have about eight months’ worth of inventory.
We haven’t rebounded to pre-recession prices, but there is at least some stability for home sellers and buyers.
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