The local real estate market continues to experience high transaction volume, inventory challenges, and rising prices, but those increases are moderating and significantly more inventory is available for buyers. As summer faded into early fall, inventory was up a whopping 21% from last September, but still at historic lows with just 1.15 months of supply available. Total sold dollar volume was up 18% from last year, coming in at approximately $325.5 million this September compared to $275.9 million last September. The region’s median price increased nearly 13% year-over-year going from $335,000 in September of 2020 to $378,000 in September of this year. Units sold increased 4% with 785 homes sold this September compared to 755 last year.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, fell nearly 41% with houses averaging just 13 days on the market in September 2021 compared to 22 days in September 2020.
September saw continued good news on the supply front with active listings up over 45% from the scant offerings to be found last September. New listings coming onto the market yet again beat the five-year average and saw nearly 7% more listings than last year. Homebuyers had 884 homes to choose from at the end of this September compared to just 609 homes available last year. FAAR Board of Director Carol Sondrini states, “Due to a slight slowdown in the market, now is the perfect time for first-time homebuyers to get back into house hunting. Although the market is still strong, they have a much better chance to be competitive with VA, FHA, and USDA financing along with regular home inspections and the possibility of seller concessions.”