Last week I reported that the real estate market was softening a little versus the first half of this year as there was more inventory and homes were staying longer on the market. If you want to read last week’s report, click here.
This week there are 55 active listings with 23 pending sales, versus last week’s 57 active and 18 pending listings. This means we had 5 more sales in one week, as well as 3 new homes for sale. This also means that now 30% of single-family homes are in pending status versus last week’s 24%. The condo and townhouse market remained unchanged with 3 active listings and 5 pending listings. While the recent single-family home market activity is not a huge shift, it is an indicator that there could be more to come. Why?
I know that we are only talking about one week, but things can change on dime in this market and sometimes do.
But in this case, I do not see anything drastic having changed. Basically, a few things that I think may have changed from last week to this week is that the kids are back in school, families are settled in, rates came back down a little and a few home buyers jumped into the market these past few days.
Will this trend continue? I think that the major trend you will see is a steadier shift towards a more “buyer friendly” market with more inventories for homebuyers, and properties sitting on the market a while longer before they sell as days on market jumped from 38 days in August to 66 in September, with March being the hottest time with an average of 27 days on the market before a property sold.
Month – DOM
It should be noted that the amount of homes for sale still does not yet meet the demand, but at least there is more selection out there and more breathing room for today’s buyers. And don’t forget that traditionally the slowest time of the year is the Holiday Season and we are one month away from Halloween, with Thanksgiving to follow. Just something to think about.
I am also being told to keep an eye out for rates this week as they may come down a little more, possibly. I will report back on this post if that’s the case.
That’s your Scotts Valley Real Estate Market Weekly Report!
If you are thinking of buying or selling a home, please think of me. I have been licensed since 1986 and I have helped hundreds, if not thousands of families buy and sell their home. I am local and am always a phone call or email away, and I am always at your service.
REALTOR® since 1986
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4788 Scotts Valley Road
Scotts Valley, CA. 95066
800-882-7896 ext. 800
Robert Aldana is a long-term resident and homeowner in Scotts Valley, is the founder of myScottsValley.com and a licensed REALTOR@ with Bailey Properties in Scotts Valley.
Robert is also a nationally syndicated real estate journalist and his articles and interviews can be read at RobertAldana.com, DeadlineNews.com, RealtyTimes.com, Forbes.com, and many other real estate and finance news sites and publications. For more information and links to his articles including his appearances on HGTV and NBC, visit RobertAldana.com