How has our real estate market changed since last quarter? Let’s discuss a few notable developments.
Real estate conditions can change quite quickly, which means it’s time for a quick update on what’s happening now.
First, inventory in our area is at just two months’ worth of supply. This means if no new homes hit our market during that time, we would run out of available listings. A balanced market (meaning one in which buyers and sellers have equal leverage) is typically one with between five to six months’ worth of inventory. Anything above that level is a buyer’s market, while anything below is a seller’s market.
It’s quite common for inventory levels to fluctuate throughout the year, but the current levels are lower than we’ve seen them in at least five years.
What does this mean for you? Well, it ultimately indicates that sellers have a strong upper hand right now. If your home is in good condition and is listed at a good price, you’ll likely receive multiple offers.
Another factor benefiting sellers and homeowners today is the recent rise in home values, which are up 6.5% year to date. This leaves us with a current average sales price of $285,000. The bottom line is that we’re definitely still in a seller’s market.
We hope this quarterly update has been helpful, but, of course, the market changes from week to week, too; so if you’d ever like to speak about what’s happening on a given day in your neighborhood, don’t hesitate to reach out.
If you have any other questions or would like more information, please give us a call or send us an email. We look forward to hearing from you soon