Welcome to the start of our summer market. Yes, it is still spring, however, the market has peaked. We know this because new listings are now outpacing homes under contract (pending) and closed. See the chart below.
What does this mean to the consumer? Buyers have more choices and with more choices they have more leverage. Sellers have to stay competitive with pricing. If you are up against a handful of homes in your neighborhood, you need to be at or just below market value to get showings and offers.
Looking at the seven day period ending May 14th, we saw a significant bump up in months supply of inventory and a significant drop in the number of showings.
Every home, every seller, and every neighbhorhood market will be a different. If you would like greater detail for your home or an area, please let me know.
- Pete