It's been an interesting couple of years in the Lawrence real estate market and those trends continue going into the last quarter of the year. Prices continue to rise, days on the market continue to stay low, and transactions are down overall due to tight inventory. However, there is some leveling-off in sight. There are more listings now that at this point last year, and prices don't appear to be increasing at quite the same speed as we've seen in the recent past. That's actually good news for many buyers who've experienced difficulty navigating the marketplace. I don't think anyone thinks that rising prices at the rates we've seen are sustainable in the long run.
We also continue to see a "tale of two markets" as far as home prices are concerned. While sellers with homes priced upwards of $300,000 continue to enjoy a "seller's market," the same cannot be said of sellers with homes priced $350,000 and above. We especially see the hot market cooing off once we get over $400,000. From there up, it's much more even, in fact we could say it's more like a "buyer's market" on premium priced homes. That's great news for anyone looking to sell a moderately priced home and buy a larger home. There's certainly the possibility of a deal in that price range.
As far as rates go, they continue to hold at historically low levels and even have seen some continued drops from the Fed. Buyers have tremendous buying power, consumer confidence is high, and there are no real warning signs as far as the real estate economy is concerned. But we just never know what can happen, and the current political turmoil is enough to create some doubt. Overall though, things are looking pretty good. I'm always happy to discuss the market with anyone, anytime!