October 2019 Market Update
With a third month of things moving in a positive direction, I think we can confidently say that the positive direction the market has taken is firmly in place. The strongest indicator is the total sales numbers. At 821 sales in October, that’s nearly 18% higher than September 2019 and 33.5% higher than a year ago. In fact, last month was the first time that we saw sales above the 10-year average since December 2017…nearly two years ago!
Meanwhile, prices are firming up and almost across the board moving up. The only blemish on the record is Westside apartments that saw a very small -0.09 decline from the previous month. We are seeing a return to more normal historic levels of activity across the board. It’s mostly a balanced market, where neither sellers nor buyers have an advantage…but it’s a market where opportunity exists for both sides.
I would expect that we will see that November continues the trend of an improving market. It would appear that if you are looking for a deal in the market that your window of opportunity is closing.