The kids are back in school ready to resume another year of academic learning. Pumpkin Spice Lattes have returned to Starbucks. Leaves are starting to fall on well-manicured yards.
Autumn has arrived.
The autumn real estate market has also begun and will continue until Thanksgiving. This time of year is not considered to be the “prime selling” season for real estate. The market is shifting into a lower gear. Inventory, demand, and closed sales will all fall, but not by as much as you might imagine.
An examination of the sales data for the last five years shows that an average of 264 Redondo Beach homes closed escrow in the spring season. The autumn season, in those same five years, saw an average of 208 homes change hands; a decline of only 20%.
With kids back in school, it is not the most advantageous time of the year to move. Some families opt to place their home search on hold and wait it out until spring. Similarly, there are fewer homeowners who decide to sell at this time of year.
Many buyers mistake the end of the year as the best time to purchase, believing they can "get a deal during the slower months". That is not the case. Instead, home prices will remain strong through 2022. With both the inventory and demand dropping at similar rates, the overall feel of the market will not change.