Contract activity slightly stronger than expected in October 2017, but Winter is coming!
Scott P. Rogers
Contract activity in July, August and September 2017 (295 contracts) was a good bit slower than last year when there were 348 contracts during that same timeframe. Some of this decline in the number of contracts being signed is certainly a result of lower inventory levels. Thus, it was somewhat of a surprise that contract activity in October 2017 (112 contracts) was slightly higher than last October when there were only 109 contracts signed.
So -- a slight uptick in buyers being able to successfully negotiate deals with sellers -- BUT don't forget, Winter is coming!
Over the past eight months there have been an average of 119 contracts signed per month. If last Winter (+/-) is any indication, that is likely to drop slightly in November, and then much more significantly in December, January and February. Last Dec-Feb, there were an average of 72 contracts signed per month -- a good bit less than the 119/month average from the past eight months.
Read more about our overall housing market in my most recent monthly market report....
