We now have our first full month of sales data, providing us a glimpse into how the market is faring in Fall 2021. All of us agents have our own anecdotes about the fall market, but now we have sample size. The October numbers are in (and remember, October data mostly represents contracts signed in September), and they show very strong demand and continued year over year growth:
Single-family: $1,800,000 (+10.8% y.o.y.)
Condos: $1,225,000 (+3.4% y.o.y.)
Property lasted an average of just 14 days on market (DOM) before getting into contract, shattering October 2020 (22 DOM) due to the pandemic, but also beating out pre-pandemic figures in both October of 2019 (16 days) and 2018 (17 days).
While demand has met the supply challenge so far this fall, that doesn't mean there aren't opportunities for buyers! I've had several recent, great value sales for happy buyers. And if you're in the market, right this moment is a particularly good time to keep your eyes peeled and scoop up property that has sat > 14 DOM. Some sellers will prefer to sell now at a slight discount before the holidays vs. waiting for the next selling season, Spring 2022.
