Market Update: More Inventory Availableadmin
In the last month we have seen the housing market start shifting and we are seeing early signs of the market cooling off.
People keep asking if the market is going to crash, and I don’t think it’s going to. It feels like the we have hit a plateau in pricing and that the market is beginning to soften.
We are still very much in a seller’s market, but we are seeing the market start shift and make strides towards a different environment, one that puts an ease on purchasing.
With more inventory becoming available on the market in the last month there is now twice as many homes for sell!
As you can see from the chart at this time last year there was only about 2,700 active listing available for purchase. At the end of May this year we had over 5,000 active listings. This means purchasing today may be easier than it was at this time last year.
There are twice as many homes to choose from, which means more opportunities for buyers to purchase!
I spoke with a realtor recently who had two listings that lasted on market for 13 days, which is twice as long as the usual turn time we have been seeing the last two years. When they did finally receive offers for these listings each home only got one offer each. Interestingly enough each offer was still above list price.
All of this together is equating to a calmer market for buyers to compete in. There are more options today, which means it could be much easier to go under contract.
Although it may feel like a challenging time to purchase, it’s not impossible. This increase in inventory has already brought a positive shift to the market and eased some of the heat from the overwhelming seller’s market buyers have been caught in the last few years.
If you got demotivated last year because you couldn’t find anything you liked, there is more inventory available today giving you the opportunity to find exactly what you are looking for.
We always say the right house comes along at the right time and this increase in available inventory could be the moment you’ve been waiting for!