Welcome to Real Estate Now. It's our real estate market update. It's our way of communicating out to all our clients, past clients and current clients, future clients, on what's going on in the real estate market. Today we just wanted to share with you what is going on in the real estate market.

Honestly, right now there's a lot going on. We are moving into the fall season, if you will, kind of how we think of that, the later part of the year and the market remains still very busy, very robust with a lot of different dynamics going on. So today we want to just take you through some of that. Hopefully you'll find some value in it.

First, we'll talk about sales, what's going on with sales. There's a lot of mixed messages coming from different places about, are sales up, are sales down. And frankly, the answer is yes; they are up and they are down. It depends on the neighborhood and the area of the suburb that you're talking about. In a lot of the areas that we work, we're seeing things being in a range from up five or so percent year over year sales to last year, we're talking about unit sales here, to in some areas in suburbs maybe down as much as maybe the 5%. So it's in a range from down five to up five, largely floating along in a line kind of even overall, if you will, with last year.

That's not so bad because last year was a big year for real estate sales. So the fact that we're trailing along at about the same rate, means real estate sales are still super strong. I don't know that I think there's anything that's going to change that much in the near term. There's a lot of positives going on both for buyers and sellers honestly, that should keep things pretty robust even going into this fall and winter time.

In terms of average sale price, that's a big one, that's definitely how people correlate to what's going on with my home's value, the average sale price right now, we're seeing pretty much across the board is up 17 to 18% year over year. Again, that's pretty amazing when you consider that last year prices were up a lot, so this is a big increase on top of a big increase. So 17 to 18%, definitely not something that I believe can be sustained over the long haul. My guess would be in 2022, we'll see something more along the lines of maybe four to 6% increases. That's a guess at best probably. But for right now, we're definitely seeing 17 to 18% year over year average sale price increases. Big number there. Big number there for sure.

The list of sale price ratio, which is really, to me, has always been a number I've tracked and is very indicative of the strength of the estate market, it's right now running in a place of about 101 to 102% of list price. Meaning, homes that are selling in the last six months in our areas basically are selling for over list price, list price on average. That doesn't mean everyone is; the average is. But that means some are selling dramatically higher than list price while some are lower and some are right at the list price. But it definitely indicates an incredibly strong real estate market. In the low part of the housing crash of the 2008, '09 and '10 area, we were seeing 93 and 94% of list to sale price ratio, so you can see that's quite a bit of a different number today. There's not much negotiating going on. It is pretty [inaudible 00:03:46] in price there. So 101 to 102%.

One of the things though that we've been talking about a lot lately inside of our team at our meetings and all of our marketing updates and that sort of thing is it's really moving into a place where buyers may be able to seize on an opportunity the rest of this year here. There's been some time, and many of you maybe that are watching this have gotten a little worn out trying to make offers on different homes and not winning and getting frustrated and all those things, well here's what we're seeing right now. Interest rates are low, low, low. Historic low. Yeah I know, you hear people say that a lot. You've been hearing people say that for years. Right now the rates are at lows that are unimaginable. They're going to last a lot longer and present a huge opportunity in terms of affordability for buyers looking to buy a home.

Layer on top of that, we are finally starting to see a little bit of an increase in homes for sale. So what we're having is still the opportunity to low rates for home buyers and a little bit more to pick from, and potentially even because of that, a little less of a bidding war frenzy. It doesn't mean there isn't still that in the marketplace, some areas more than others, but this next couple of months may very well represent opportunity for home buyers to get in on those low rates still before they go up, and they're almost certainly going to, and have a little bit more to pick from in the housing market.

That's kind of what's going on right now. If we can help you, whether buying or selling or investing in real estate, please reach out to us. We'd love to help. You can connect with us based on where you're seeing this video, either with a link below or a form below, or feel free to give us a call. Our phone number is all over our website. We look forward to helping you and I'll talk to you soon.

 

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