September Market Update 2019
Today Aldo is bringing you September's market update where hes giving you all the stats and what they mean to you. We are comparing September 2019 to September 2018.
This year the average home for sale is $613,000, just up a little bit from $599 of last year.
The average home sold price is $432,000, which is up 8% from last September.
So we saw a huge amount of inventory increase in the month of August, and we're seeing that again in September. We're seeing 724 units in the month of August for sale, and in September we had 723 homes for sale on the market, which is up 7% from last year, which is massive.
For the average days on market, right now we've gone from 40 days up to 45 days. So we are starting to see an increase on the amount of days a house is going to be on the market. Now don't get me wrong, any house probably under 450k or so are probably going to sell within a week or two. If you're above 500k or so, you're probably going to be around that 30 to 40 day mark.
For months of inventory we're up from 2.4 months to 2.8 months. Once again, we haven't seen that in probably a couple of years. That means we are pushing almost 3 months of inventory. And for those of you that don't know what that means, if we were to stop listing any houses right now, it would take us about 2.8 months for us to be sold out of all the houses that are on market here in Whatcom County.
Okay, so what do all these numbers mean and why is this a benefit for you, whether you're looking at selling or buying? The numbers in September are usually lower than other month because of it being such a big-time to go travel with your family, and it's back to school. So for those of you that are thinking of buying, there's going to be a lot less competition, especially the closer we get into those winter cold months, they are going to be very very slim.
Now, but for you, there's going to be a lot more inventory that's going to come on, and it's going to give you an advantage because there is less competition meaning less people you're going to have to go up against when you're purchasing a home. Now, you may have to compete with one or two others, but if you wait to the spring you're going to be competing with five or six other offers.
For those of you that are looking to sell, the people that are looking to buy your house are most likely going to be serious buyers. They're not just going to be out there in the rain and the cold just going and walking down, and looking at every single open house. They are out there for a purpose and they want your house. The interest rates are still going to benefit you and the buyer. So, please guys, the Fall is such a great time. Please let me know if there's any questions I can answer for you.