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October 2020 Market Update

The American Canyon Real Estate Market continues to move at a rapid pace. As of Thursday morning (10/15), there are only 8 homes on the market for a median list price of $542,500. Most homes have been going into contract in under 2 weeks. To borrow a phrase, this market is absolutely bananas!

Of the nine (9) homes that sold last month, seven (7) of them had multiple offers. Seven of them sold in less than a month and four (4) of them sold in a week. Maybe bananas isn’t enough of a superlative…cray-cray may be more like it. The median home price rose 8.1% from August; overall the median sales price year-to-date rose has gone up 14.5% from last year although there has been a significant drop in volume.

Obviously, inventory is tight so what do all of these numbers really mean? Here’s what we know. If you’re a buyer the market is extremely competitive and it doesn’t look like that is going to change any time soon…only 8 homes on the market this morning!! People are flocking from the major cities as they realize that working from home isn’t all that it’s cracked up to be when you’re not an artist living in a live-work loft and paying high rent. Low interest rates are increasing buying power and so you have more people in the market creating a Shark Week-like feeding frenzy.

Without a doubt this is a seller’s market…BUT! that doesn’t mean that sellers get to set their price. Homes that are on the upper-end of the price range are lingering and are typically going below the active list price and often will have at least one price drop before going into contract. Also, buyers appear to be reluctant to make offers on properties that haven’t been recently updated. So, if you’re thinking of selling make sure that you pay attention to what the range of homes are going for in your specific subdivision.

As always, it’s important to have a local expert who studies the market conditions on a daily basis. If you’re interested in what’s happening in the market in your specific area, send me an email for more information.

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