Market Update | September

In September we saw the anticipated seasonal slowdown, as both the number of closed homes and total sales volume declined by nearly 21% month over month. Meanwhile, our months of inventory grew 47% to 2.4 months, and we continue to approach to a more balanced market. New listings were down 5.89%, with only 4,589 new listings in September, but overall active inventory increased by 11.24%, with 7,629 listings at month’s end and 3,272 homes under contract during the month. This was a positive development, as typically our active inventory remains relatively flat from August to September. Though home values have remained steady, buyers now have more options and higher expectations, including the expectation that the home they will purchase will require little to no improvements, that most issues will he addressed by sellers post inspection, and that they will receive interest rate buydowns.  
DMAR advises sellers planning to list their homes during the winter months to obtain pre-inspections on roofs, air conditioning units, and sprinkler systems before the cold sets in. Inspections can offer peace of mind to buyers who cannot inspect these systems themselves in the winter, and the ability to speak to the results of these inspections may make your home stand out.  Additionally, it is important that sellers price their homes right from the get-go so that their listings don’t sit on the market and raise questions. Sellers should closely with their advisors to ensure that their pricing aligns with current market conditions rather than past trends. 
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