For access to spreadsheets please see http://fredanlyan.com
Hello Everyone,
Roller Coaster ride continues! Still my belief that we will come out of this ok, but with so much volatility still going on it is probably best to see what happens over the course of the next few days and let the dust settle just a bit . Checks with local mortgage brokers reveal lenders still making deals, but at significantly higher rates than a week ago.
What's going on in the market:
Single Family Residences inventory down a just a few units from 1067 to 1061. Percentage in contract relatively stable for all price ranges, with only incremental changes. Overall at 19.23% in contract, a slight decrease from last week's 19.68%. Homes under $1million up just a hair from 24.9% to 25.3% in contract. During the month of September there were 299 new listings and 228 accepted offers, about 79.4%. As of October 7, 1282 single family homes had sold during the year compared to 1646 at the same time last year, or -22%, about the same figure we reported last week.
Condominium inventory down just a touch too at 364 vs. last week's 369, but percentage in contract moved up again, to 35.9% overall. The percentage in contract of condo's over $1million dropped but with only 17 units in the segment, this swing probably not tremendously significant.104 new condo listings during the month of September, and105 accepted offers, or 101%, the highest figure in at least the last 23 months. As of October 7, 364 units had sold year-to-date compared to 420 at the same time last year, or -13.3%, continued improvement from last week's -15%. Sellers can be encouraged about these statistics, but not cavalier. Still need to price, prepare, and market carefully, and be willing to negotiate with qualified buyers.
There will undoubtedly be more adverse financial news but it is important to understand that opportunities often come disguised as problems.
Rudyard Kipling probably said it best:
"If you can keep your head when all about you are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, but make allowance for their doubting too; . . . If you can meet with Triumph and Disaster And treat those two impostors just the same . . . Yours is the Earth and everything that’s in it.”
more next week---until then, best wishes to all,
Fred
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