For the first time since 2009, homes sold faster in October than the preceding summer peak season, according to the RE/MAX National Housing Report.
And across 52 markets, the average of 38 days from listing to contract marked the fastest pace of any month in the report’s 13-year history. Defying seasonality in a year upended by the pandemic, October sales were the third-highest year-to-date. Home sales were slightly up compared to September 2020 (+0.1%), and 20.8% ahead of October 2019. The Median Sales Price of $295,000, which was 0.9% higher than September’s median price and 15.4% higher year-over-year, set a report record for October.
Reflecting an abundance of home buyers and a shortage of sellers, inventory fell 32.5% year-over-year to set another report record. October’s average Days on Market of 38 was one day less than September and down 11 days year-over-year. The average Months Supply of Inventory at 1.7 tied July and August for the smallest in report history, with a handful of markets reporting less than a one-month supply. Cheyenne is no different. We are experiencing these National trends on a local scale – so be mindful of this when deciding your next move. Read the full report here.
So what does this mean for you?
It’s a seller’s market. Buyers are jumping at the opportunity to make a move. The number of homes on the market is at a record low. So, if you’re thinking about selling, there’s most likely a buyer waiting for the home they want, and it just might be yours. While you may want to keep your home for the holidays, a number of sellers are deciding to list now because they know there is value in that decision in the current market.
Are you ready to buy or sell?
Give us a call at RE/MAX Capitol Properties, we have experienced real estate professionals ready to assist you and help navigate this fast-paced, moving target real estate environment. Give us a call at (307) 635-0303.