Okay, now don’t get all excited, Sellers, and don’t worry unnecessarily, Buyers, BUT…in September we saw a trend toward a seller’s market.
Inventory is dropping, while demand is remaining the same (or even increasing due to the resumption of work at the vit plant) and so when demand outpaces supply, you see an increase in price. In addition, instead of the 4-month market time I’ve been seeing for the last few years, we’re inching closer to three months.
Now, it’s just one month. We’ll see what the winter brings. It might become even more of a seller’s market because people tend to think the winter isn’t a good time to list a home (not true, people move every month of the year). BUT, with the parameters of loans tightening up, we might see fewer buyers, so it won’t matter if there aren’t a lot of homes on the market.
In the meantime, take a look at the stats for yourself…
September 2007 Tri-City Real Estate Market Statistics (675k PDF)