OCTOBER 2021 WYLIE HOMEOWNER REPORT
We will start with interest rates.
We are still hovering around the 3% mark. About a week ago they went over 3% but then came back down. Rates for a 30-year fixed rate mortgage currently average 2.99% with .7% in fees and points. Freddie Mac, also known as the Federal Home Loan Mortgage Corporation, predicts mortgage rates will continue to increase modestly which will have an impact on pricing and demand.
As far as the number of buyers in the market, we’re continuing to see decreases in mortgage applications. It’s 13% lower than it was this same time one year ago. More good news for buyers who are still in the market to purchase.
So let’s dig into the data for September and see how the market performed.
For this local market data, I use numbers from single-family home sales in Wylie. These numbers are based on sales data from September.
The average sales price is at $426,472. That’s a 31.8% increase from one year ago.
The number of homes for sale is at 80 homes. We are down 25.2% in the number of homes available to buy.
Wylie had 91 sales in September, a 16.5% decrease over last year.
Homes are selling at the same rate as one year ago and we averaged just 7 days on the market.
Our months of inventory stayed the same from last month and we’re at .9 months of inventory. This number tells us that based on current demand, if no new listings came on the market, it would take less than one month for all the current inventory to be purchased.
We listed 93 homes in September which is 3.1% less than last year.
Our average sales price per square foot went up from last month and is at per square foot, a 19.3% increase from last year.
The Takeaway
So, is the market crashing. Let’s look at the facts: We have rising interest rates and fewer buyers. BUT, prices are still on the rise, our inventory levels are still incredibly low, and the time on market is consistently short. These data points tell me that we aren’t crashing. So it’s still a great time to be a seller because the market is still on your side.