Three key stats that demonstrate what’s happening in the market.
Is the Montgomery County market showing signs that we may be going through a shift? In this market report for September 2021, we’ll cover three vital statistics that will provide us some insight into what’s happening in today’s market: new pending listings, the median sales price, and the days on market.
1. New pending listings. This figure tells us how active the market is in terms of the number of buyers out there. We project 1,210 properties to be pending by the end of September in Montgomery County, which is 14% lower compared to the 1,415 pending listings in August. In September of 2020, this number was 1,399 properties, a decrease of about 13.5% compared to this September. This tells us that buyers are slowing down and aren’t quite as active as they were.
2. Days on market. This number tells us the average number of days it takes for homes in our area to sell. In August 2021, properties sold within 16 days on average. Sellers may be a bit discouraged as we move deeper into September because right now, it takes an average of 46 days for a property to sell. Last September, the average days on market was 25 days. We expect this number to smooth out through the rest of 2021, but it is another sign that our market is weakening.
3. Median home sale prices. We’re projecting the median home sale price for September 2021 to close out at $515,000, which is about 7% lower than our highest at $575,000. However, it is normal to experience a seasonal dip in prices; the more expensive properties tend to sell between April and July. In any case, this month’s median home sale price is 5.5% higher than last September’s $490,000.
All in all, we can say that the market is slowing down a bit. If you’re a buyer who has been sitting on the fence, the market may be coming back to you. Now could be a great time to take advantage of our low interest rates.
If you have any questions about today’s market or real estate in general, don’t hesitate to reach out to us at the Wheatley Group. We’d love to help you.