Here’s your latest update on what’s going on in Polk County real estate.
As you may know, home prices have steadily increased over the past couple of years. I don’t expect price increases to slow down, but I did see a statistic on Realtor.com that says there was a 6.5% increase in inventory over the last three months. That’s great news for buyers who have been in the market looking for homes, especially since low interest rates make homes more affordable despite price increases. For sellers, while there is a slight increase in competition, you can still get a great price for your home.
However, I will say the trend of increasing listings is also increasing the number of days homes spend on the market because of the competition. Further, price drops are happening more rapidly than they have been. That shows that some sellers aren’t getting top dollar for their homes. Sellers need to make sure their homes are in peak condition if they want the highest prices.
“We’re still in a pretty hot seller’s market.”
On a more local level, though there are increases in listings throughout the nation, that’s not the case here in Polk County. In July of this year, there were 380 homes for sale, and on average, homes spent 22 days on the market. In June, homes spent 24 days on the market. The month before, they spent 26 days on the market, and in the previous two months, they spent 33 days on the market. Those numbers indicate our hot seller’s market persists.
The good news for our buyers? We continue to find home for them! We have a large database of people we can turn to in order to find a property. We may even find an off-market property for you!
If you have any questions about the market or specific buying and selling needs, don’t hesitate to reach out to us via phone or email. We’d love to help you.
