While the holiday season is fast approaching and winter’s slumber looms, the real estate market in Midlothian hasn’t reached a full slumber just yet. There’s still motion in the market, transactions in the works, and signs that there’s still time to take action with buying or selling a home before the holidays. Here’s how things shaped up in Midlothian real estate for the month of September.
Overview: Midlothian October Real Estate Market Report
Fewer homes sold in October in Midlothian than in September. September’s numbers were lower than August’s, showing a slowing trend in the real estate industry as seasons shift from summer to autumn and again as autumn gives way to winter. Traditionally, this time of year shows a substantial reduction in activity in real estate as households settle in for the cold season and for the holidays. However, the market hasn’t succumbed to total hibernation. Sellers are still listing new properties and buyers are still snatching them up, albeit at lower home values and longer periods of time. In fact, a seller listing his or her home at October’s end and into November can expect to sell their home in approximately 42 days.
October 2017 in Midlothian saw fewer homes sold than the preceding month, and the preceding year for that matter. During October, 138 houses sold in Midlothian in contrast to September’s 210 sales. Year over year, that number is also down by six percent. October closed with 60 contracts in the works.
Median Sales Price
The median sales price for Midlothian homes in the month of October 2017 was $279,475, down from September’s $281,635, which was still lower than August’s median sales price of $290,000. Sellers are receiving, on average, 99.6 percent of their asking price.
At October’s end, there were 216 new listings on the market in comparison to 192 new listings during the same time the previous year. That brings the total number of available units in Midlothian as of October’s end to 476. September’s end offered 505 houses, so the numbers are down month over month, but also year over year by 15 perfect or 77 homes. There’s a 3.4-month supply of homes in Midlothian, which is far less than the 6 month supply that’s considered healthy in the real estate market.
What this Means for Sellers
Sellers who list their homes as the seasons merge from fall to winter may find that the process takes slightly longer than homes that sold earlier in the year. Not only does it take longer to sell, but the home values are declining as new inventory adds to an already congested market. Nonetheless, sellers who place competitive prices on their homes for sale earn a total of around 99.6 percent of their asking price.
What this Means for Buyers
Buyers have ample inventory to choose from as new houses continue to hit the market in Midlothian. With ample inventory and fewer buyers, home values are down so this might be a good time to save a few bucks on a home purchase. When spring arrives, those prices will escalate as the real estate industry thaws and stretches into a flurry of activity.
Real estate transactions have definitely slowed this season, but not to a complete halt. New houses are being listed daily while prices on existing houses for sale continue to drop. There’s still time to buy or sell before the onset of the holidays, and before the spring rush.