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2019 3rd Quarter Market Update: Time to Zig or Zag?

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As we enter the final quarter of 2019, we are finally starting to see some positive numbers both in Elmhurst and the greater MLS area.  After a sluggish spring and summer market, there are positive upticks in average and median sales price along with encouraging downward tics in market time and months’ supply.

Elmhurst saw an increase in average sales price in the third quarter after a summer of decline.

The overall MLS saw a positive increase in median sale’s price.

After a steady climb over several months, Elmhurst saw a dip in Average Market Time.

Inventory is holding steady for 4 straight months, after a spring market of rising inventory.

To List or Not to List

As we enter the 4th quarter and the holiday season, the age-old question for sellers rears its head again:

“Should we list our home at this time of the year?”

or, for those already on the market,

“Should we take our home off the market until spring?”

The data may surprise you. While traditionally fewer homes go under contract between October and January than any other 4-month stretch, those months annually represent the lowest home inventory in a given year.

While we see fewer active buyers during holiday months, so many sellers remove their house from the market or wait to list that a seller who stays on the market has significantly less competition.  It might make sense to zig when everyone else zags and list your home during the 4th quarter. With improving data trends and historically low rates, you could come out a winner.

Ready to discuss zigging or zagging or any other real estate decisions? Contact your LW Reedy agent with your questions. We are always happy to talk.

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