Sellers Continue to Outnumber Buyers in October

The number of sellers on the market continues to increase, giving buyers even more negotiating power. According to data from real estate marketing platform Redfin, home sellers outnumbered buyers by a record 36.8% in October, marking the strongest buyer’s market recorded in the past decade. Meanwhile, the number of buyers in the market dropped by 1.7% in October to the lowest level on record, besides the start of the COVID-19 pandemic when most sales activity came to a halt.

In Southern metros, the seller-to-buyer ratio is even wider. In San Antonio, there were an estimated 18,467 home sellers and 8,497 homebuyers in October, equating to 117% more sellers than buyers. Additionally, Austin, Texas has 115% more sellers than buyers, and Miami has 108%.

“There’s a shortage of both first-time buyers and repeat buyers because mortgage rates and home prices have gone up so much in recent years,” said Matt Purdy, a Redfin Premier real estate agent in the Denver area. “At the same time, there are homeowners who need to sell because they have to relocate for a job or are getting divorced. Sellers want top dollar because they’re focused on recouping their investment, but buyers are focused on having a low monthly payment, so there’s this gap in expectations that’s making it hard for buyers and sellers to see eye to eye. Oftentimes the buyer ends up winning the negotiation because they have options—there are a lot of sellers who are desperate to make a deal happen.”