Is The Local Housing Market Starting To Cool Off?
Scott P. Rogers
Several local agents have recently said, conversationally, that they think the local housing market is starting to cool off.
Is it?
Maybe yes and no, depending on what you mean, and how you measure it? ;-)
No - After only seeing 148 home sales in September 2021, there were even more (158) in October 2021!
No - After seeing only 125 contracts signed in September 2021, there were 156 contracts signed in October 2021!
Yes - It took a median of five days for homes to go under contract in September 2021 and a median of six days in October 2021. Slower. Much slower. By a day. Gasp!
Maybe - Six to twelve months ago it was not uncommon to have 2, 5 or 10 offers on a house within 48 hours of the property hitting the market. Now, I'm often, but not always, seeing fewer offers within the first few days. This is definitely anecdotal, not based on data.
So, is the market cooling?
- The data seems to say no.
- Sometimes it feels like it.
- Some other agents think it is.
- What do you think? (email me)
