Hi, I’m Doron Weisbarth with Weisbarth & Associates, and welcome to my October 2024 Market Update! Today, we’re talking about something a lot of people don’t expect—the annual fall market bump. Now, we all know that spring and summer are often seen as the busiest times for real estate. But here’s the thing—are they really?
Historically, yes, we see a lot of activity during spring and early summer. But as we get into mid- and late summer, things tend to slow down. People are focused on vacations and sunshine, getting back to school, and just generally enjoying the season. But once everyone settles into their routines, something interesting happens. We often see the market bounce back. This fall market bump can start as early as mid-September, last through November, and sometimes even carry into mid-December.
And this year? Well, it looks like we’re following that same pattern. If you take a look at the graph I’ve highlighted, you’ll see that in September, new listings and pending sales were both way up compared to August. In fact, pending sales are right on par with what we saw in May and June of this year, which were the highest months for activity this year.
Most of these new listings came onto the market in the second half of September, and you’ll see that there was a corresponding increase in pending sales—so yes, buyers are engaged. Most of these sales will likely close in October, which means we’re still seeing strong activity.
By the way, if you want to look at this data and read my report at your pace and leisure, you’ll find all this information in my October newsletter, available online and for download, for free, at Weisbarth.com/Newsletter, that’s Weisbarth.com/Newsletter.
A big reason for activity is in the drop in mortgage interest rates. With rates having fallen more than a full point from their peak earlier this year, buyers are back in the game, and prices are holding steady. Now, we can’t say for sure if October will be the peak of this activity or if it will come later in the year, but if history is any guide, we should have a strong finish to 2024.
So, if you or someone you know is still considering selling a home this year, now is the time to jump in and take advantage of the market’s fall surge. If you need some guidance or fine-tuning to make sure you maximize your results, let’s talk. My team and I offer a no-obligation consultation to anyone looking to buy or sell. We’ll help you put together a plan that’s tailored to your needs.
And as always, your business and referrals help support the Akin community, so you’re not just making a smart financial move—you’re also doing a good deed. Yay for that!
For anyone needing help with their real estate goals, the best way to reach me is by phone. Just give me a call directly at 206-779-9808, that’s 206-779-9808. Yes, that’s my personal mobile number, and it’s the best way to connect with me. If you’re referring someone, just have them call me directly—no need for a formal introduction.
Thanks again for tuning in! Don’t forget to like, subscribe, and follow for more updates, and be sure to check out my monthly newsletter at Weisbarth.com/newsletter, that’s Weisbarth.com/newsletter.
I’m Doron Weisbarth with Weisbarth & Associates, and I’ll see you next time!