The summer doldrums continued in American Canyon in September with only 8 homes sold for a median sales price of around $500,000. Both the number of sales and median sales price are down dramatically from September, 2018 (13 homes & $568,000 respectively).
There are very few homes on the market (19 active listings through MLS – single family residence only) with the median number of days at 91 – or 3 months. Despite what appears to be growing lengths of time on the market, we are still in a sellers market. Home prices are continuing to rise with a median sales price of $620,000.
The median number of days on cumulative days on market for homes that sold in September was at 44. Given that the average number of days to close escrow is generally 30, it’s still looking like most homes are going into contract within the first two weeks of listing.
There is a caveat here, though: Homes that are selling quickly are essentially turnkey, with little-to-no upgrading needed. Homes that are over-priced or that need work will sit. Even though mortgage rates are hovering at – or just below – 4% buyers are not eager to jump at anything. We are still seeing multiple offers on some homes but those are rarer than in the past.
This means what, exactly…If you’re a seller it pretty much means the same thing that I’ve been harping on for over a year. Get your property in order: clean up the front yard, merchandize your home (i.e. stage it), clean your home and please…please…please do the dishes and clean the bathroom. Simple stuff but it helps. Even a thin layer of dust or grime can make or break a showing.
For buyers, if you’re in a position where you don’t have to move right away, take a breath and take your time. Get your ducks in a row: decide what city and neighborhood you want to live in; get pre-approved; find your next forever home. The right home will pop up. It may take 6 months but it will be there and you’ll be ready.