Continuing trends from the third quarter, the number of new listings in the month of October was down 12.9% from September and down 18.7% when compared to October of 2020. Month over month the number of sales increased by 9.5% and the number of days-on-market decreased by 3%. Prices continued their upper trend with an average month over month increase of 3.3% from September and an impressive 33.5% when compared to October of 2020.
Buyer demand is still high and with so few homes available, Sellers who list their homes this Fall will likely have a tremendous advantage also known as leverage. Buyers want to buy before prices go even higher, they want to buy before interest rates rise, and in the likely event of having to compete with other Offers, they want their Offer accepted.
These three Buyer needs give homeowners a leg up when selling their house. Seller might already realize this leverage enables them to sell at a good price, but it also means they can negotiate the best terms to suit their needs.