What do the latest year-to-date numbers say about our real estate market? Here are how the key figures stack up compared to last year’s numbers:
- New listings are up 3.7%
- Pending sales are down 8.1%
- Closed sales are down 13.4%
When you take these figures into consideration, we’re seeing a slight market shift. Nothing drastic—we’re just moving from a hot seller’s market to more of a balanced market. This trend is further evidenced by our months’ supply of inventory, which rose 11.1% from 4.5 months to five months. In other words, if no new homes were to come on the market, it would take five months to sell off all of our remaining supply.
What does this mean for buyers and sellers?
If you’re a seller, it means you need to price your home realistically. We’ve seen a lot of price reductions lately because many sellers priced their homes according to comparable sold properties from six, seven, or eight months ago. You need to price your home according to the very latest comparable sold properties.
Also, remember that you’re not just entering a price war when you list your home—you’re also entering a beauty competition. You’re competing against new construction homes and other resale homes, so yours needs to be the best-looking and the best-priced if you want to sell quickly and for top dollar.
If you’re a buyer, you have more homes to choose from right now, including a ton of new construction inventory. Because of this and the recent string of price reductions, you can also be more resolute in sticking to your offer price.
If you have any more questions about our market or how you can position yourself to get the best deal possible, feel free to reach out to us anytime. We’d love to help you.