Currently, kids are back in school, the weather is getting colder, and the housing market is beginning its yearly cool down. Nationally, buyer and seller activity remains strong, coupled with low mortgage rates and a strong economy. The market is showing no significant change from recent trends, other than the seasonally tempered pace we are seeing this time of year. With the final three months of 2019, buyers will find fewer homes coming on the market; however, the competition for those homes will also be less.
Nationally, here are the latest numbers for September 2019:
New Listings increased by 4.1 percent.
Pending Sales were up 7.7 percent.
Inventory levels went down 8.5 percent.
Monthly Supply of Inventory was down 4.8 percent.
NOTE: The most current housing stats for October will be out soon.
What does all of this mean? As we continue to move into the final months of 2019, buyers may have a tough time looking for what they want, and sellers should have their homes market-ready when they list the property. I do want to mention that Townhouse and Condo property types showed the most inventory increase with 13.8 percent. New Construction continues to be strong with a 7.9 percent increase.
Locally, let me narrow the above information down to Allen County. Here are the stats for the Allen County community for September 2018 compared with September 2019:
New Listings: remained the same.
Closed Sales: up 7.2 percent.
Monthly Supply: down 10.2 percent.
I would like to also add that the Median Sales Price for Allen County residents is $160,000. This is up from last year at this time when it was about $136,000. If you want a more detailed housing report for your zip code, contact me and I would be happy to gather that information! I hope you find this data helpful.
In the future, 2020 looks to be another great year! We should see a stable housing market, interest rates staying low, and rentals at their highest.