Celebrating Halloween and the Real Estate Market!
Looking for something fun to do this weekend? I enjoy the Fountain Creek annual Jack-O-Lantern Trail walk which takes place this Saturday October 26th, from 5:30pm to 7:30pm. It’s an outdoor walk along the Fountain Creek Trail which features hundreds of uniquely decorated pumpkins lighting the path. Admission is $5. It’s something my family does which really puts us in the mood for Halloween.
Some folks have asked me, does Halloween affect our local real estate market? Not lately. In the past five years, we have seen a lot of activity and home showings, even around the holidays. An occasional snow storm will momentarily slow things down, but even weather does not deter buyers from wanting to see houses. Here are the latest real estate statistics for our local market as of September 30th:
· Home Sales YTD: only off by .7% from 2018
· Avg. Sales Price: up 5% over last year
· Current supply of homes for sale: 1.5 months
· Last year supply of homes for sale: 1.9 months
· Condo/Townhome Sales YTD: down 3.1% from 2018
· Avg. Sales Price: up 8% over last year
· Current supply of units for sale: 1 month
· Last year supply of units for sale: 1 month
Home prices are still climbing, and there is serious demand for housing. Just for fun, I ran a search of homes priced from $800,000 to $1,000,000. There are currently 28 under contract in this price range! And they are going under contract fast, usually within 3 months of being on market.
Our housing market is strong. It’s a great thing for homeowners, who are gaining equity fast. It’s a challenging thing for buyers who need to find housing. I cannot promise it will balance out anytime soon. Economists are predicting a strong end to 2019 and continued momentum in 2020.