We are two weeks or so into the fall market, and as far as I can tell there are still no signs that it is slowing down. Houses continue to go under contract just days after being presented. Realtors continue to report that buyers are taking aggressive strategies to snag a newly listed property, and they are seeing multiple offers on many of their listings. One new property in Wellesley had 5 pre-inspections, meaning potential buyers inspected the property before making an offer. Buyers typically do this so that they feel comfortable dropping the inspection contingency from their offer, in an effort to become a more attractive option when the seller decides who will get the house.
The fall buyer profile changes dramatically from the buyers we see in spring. Most families with school-age kids have already rushed to find their new homes in the first half of the year so they can be settled in for the start of the academic year. In the fall, the demographic of buyers tends to be people without that constraint. They are more free to move whenever it fits their timeline. While I was out at open houses over the weekend, I saw a steady stream of visitors at different properties. Truly no signs of this historic market slowing down yet.
This week's numbers demonstrate that inventory remains low in all towns throughout the MetroWest area. The number of houses on the market has increased slightly, edging towards 30 in some towns, but still not as robust compared to other years. If we don't get new houses on the market by year end to fill this void, the demand will be quite powerful after the holidays, and the cycle will continue. Good news for sellers and probably frustrating for househunters.
Just how how much are homes appreciating? Corelogic, which provides consumer information reports, found that home prices increased 18% year over year in July in the US. No states posted an annual decline in home prices. The areas with the highest increases year-over-year were Idaho (33.6%), Arizona (28.4%), and Utah (25.7%).
 In my house we are dancing for joy over the fact that the kids are back to school! This simple routine brings us all so much happiness- the kids need that normalcy, and so do Mom and Dad. I hope the beginning of the season is a good one for you too! Have a great week!!