September 2021 Report Indicates No Housing Bubble Despite Industry Unpredictability
After Realtors® felt a relative slow down and seasonal return in July and August, September fell back to today’s housing market’s normal red-hot speed. Closed properties were 12.81% lower than last month at this time and a notable 19.27% lower than last September. With lower inventory and fewer homes, the balance of supply and demand stayed steady, leading to another month of competition for buyers.
Excluding $0 to $99,000 Homes, Most Competitive Market Ranked in the $300,000 to $399,000 Range
This price point had .51 months of inventory with a surprising 218 closed properties, showing that one can indeed still find a single-family detached property under $400,000.
Meanwhile, Least Competitive Market Was Attached Properties Over 1 Million Dollars
While there were still 56 attached properties that sold over 1 million dollars, the month-of-inventory for this category was 2.16, more than four times less competitive than the $300,000 to $400,000 and the $400,000 to $500,000 range.
The Luxury Market Remains Strong With Slight Slowdown
The market saw 501 new listings hit the market, and inventory up 4.81% from one month ago and 15.17% year-over-year.
Luxury Detached and Attached Homes Alike Remained Strong
The detached Luxury market saw 445 new listings in September, with 362 going into a pending status and 383 closing in September at 101.54% over list price. Overall, buyers had a little more negotiating power in the Luxury attached market, with attached homes selling for 99.57% to list price and within an average of 25 days.
Overall, the Residential Real Estate Market Shows No Sign of a Bubble
With the big question on everyone’s mind whether or not we will see the housing bubble burst, the data continues to show that it’s not going to anytime soon.
*Written October 5, 2021. Updates may be available after this date.