So the seasonal slowdown has arrived. No need to freak out, the summer is generally the busiest time of year often with a 25% bump in monthly transaction volume between May and September. That is beginning to settle back into a more typical autumn pattern. But it should be noted that inventory although still tight has softened a bit and combined with the seasonal adjustment to demand, things are less hectic for buyers. Make no mistake, the market still favors sellers, but the ten offers in ten hours craziness we had in the spring has subsided and sellers seem to be a little bit more malleable.
According to our local MLS service here in Clark County, we are seeing the median days on market creep up a little, but still fast at just 12 days. Median price is still rising but over this summer the prices have stabilized and the increases have been modest. Median sold value in Clark County is hovering right at $300,000. Stabilized pricing is healthy as the real estate market cannot sustain double digit year over year growth for more than a few years.
This is an excellent time for buyers that failed to find a home over the summer or were not prepared to buy in the last few months to jump in. Supply is slightly up and demand is slightly down and that means the market is still very healthy but also a little more accessible. Sellers that were a tad overpriced in the summer months are ready to make a deal as they usually don't want to be selling during the holidays.
I am looking forward to a strong fall season.