October Active Inventory and Closed Sales Analysis

Hello Marco Islanders and fans of the Island alike! We are into November now, which means season is nearly upon us! Some may argue season starts right at November, others may argue it doesn't commence until after Thanksgiving. Regardless or when you mark season's beginning, the initial effects are already being noticed in our market! Let's take a little dive into the last month's developments, as well as what to expect next.

Current Inventory

All three property types (single-family homes, condos, and lots) ticked up in October, and the inventory slump of the last few months appears to be on the reverse trend now. As alluded to in the previous paragraph, season closing in likely accounted for some of the uptick, as sellers now see an impending increase in buyers as the signal to put their homes on the market. Additionally, changes in interest rates and a waning hurricane season also likely signaled that the time has come to make a move. The less uncertainty out there, the better the market conditions!

Closed Sales

Looking at the data here, most statistics from October 2024 do not deviate strongly from October 2023, but days on market does tell an interesting tale. In all cases, average days on market in 2024 exceeded that of 2023, meaning that this year has dealt with a slower market. Our anticipation is that as more and more uncertainty gives yield, buyer hesitation will also trend downward. We already mentioned season, rates, and an exit from storm season providing a few sparks of clarity, and this week has also brought clarity to the balance of power in our government. With far fewer question marks than earlier in the year, the market is set up to move. What will the final outcome be? Well, you will have to check out our post for next month to learn more! And you can always contact us for more information!