The headlines are telling us this month that people are still wondering:
What is happening with the economy and the housing market?
Some areas are improving, others, not so much.
The Good news:
- Months of inventory have improved almost 17%. That means that new listings are down 13% year over year. Translation: If you are buying, you may want to get out and see that home you were interested in as it may not be there next time you look.
- Single detached homes under the 500k mark are maintaining their sales frequency. Sales are still happening.
The less than stellar news:
- Days on market have increased year over year. 33-65% depending on your specific market.
- Total sales volume is down 8.5% year to date
What do all these numbers translate to?
If you are selling, it is important to be patient, review your goals and work with someone who will work with you to achieve them. Patience is also the name of the game, as are realistic expectations. #matchmakersnotmiracleworkers
If you are buying, you might be able to see prices that have come down in comparison to prior years. But, new listings are not coming on as fast as in previous years so it means that sellers are not necessarily prepared to ‘give away’ their homes. If you’re looking for a property at a fair price, now might be the time to strike.