Here’s some advice for buyers and sellers.
I’m here today with a market update. Most market updates can be a barrage on numbers, but I’ll make sure to explain all the data so it’s a bit easier to understand. I’ll also go over what they mean for both buyers and sellers.
Home sales and appreciation are up around 20% from last year. These are very robust numbers; the market is super healthy.
We’re seeing more listings from last year and more pending sales. This means that homes are not staying on the market very long. The average days on market for July this year was 20, which is a 53% decrease from last year. Homes are selling twice as fast and with multiple offers.
But it is shifting. The multiple-offer frenzy is slowing down a bit. Homes are still selling quickly, but it hasn’t been as crazy as it was earlier this year. It’s still a great time to sell but you need to be more aware of proper pricing. As a buyer, you want to take advantage of the buyer fatigue we are seeing; it’s a good time to get in and get the home you want without much competition.
Right now, with our weekly numbers, the new listing and the pending listings are trending really close together. This means that there’s not much inventory, and it’s still a really good time to sell your home.
I am watching these numbers weekly, so if you ever want an update, just call me. I also have data on specific ZIP codes and neighborhoods, so I can give you more local data as well. If you’re thinking about buying, I’m happy to help you come up with some strategies to get you into a good home. Don’t hesitate to reach out to me! I’ll talk to you soon.