Last month, we saw a surge in buyer demand which pushed the median sales prices for both single-family homes and condominiums up a significant 12.8 percent and 8.5 percent respectively. As the year begins to wind-down and the holidays approach, we expect the market to slowdown as well. For buyers, the coming months can offer substantial opportunities in the form of reduced competition, fewer multiple offers, and more room to negotiate, leading to significantly better deals. This is also an excellent time for buyers to take a second look at listings that haven't yet sold, and consider making an aggressive offer.
National mortgage rates once again dropped below three percent last week, with FreddieMac reporting, 'Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week. These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.'
YEAR-OVER-YEAR COMPARISON
SINGLE FAMILY RESIDENCES
MONTH-OVER-MONTH COMPARISON
SINGLE FAMILY RESIDENCES
CHANGE IN PAST MONTH:
SALE PRICE +3.4%
DAYS ON MARKET No Change
MEDIAN AREA VALUES
SINGLE FAMILY RESIDENCES
Q3 2021
* Small sample size (n<10); use caution when interpreting results.