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In the last seven days 936 new listings entered the local Multiple Listing Service (MLS) and 211 pending listings re-entered the inventory of active listings. In total, 1,147 listings were added to the active inventory of homes to sell with only 787 listings going under a contract for sale with a pending status. If this trend continues, Buyers will begin to see more and more options from which to choose. Important to note, we are still in a strong Seller's Market with inventory levels remaining well below a 5 month supply of homes to sell.
What is a "Balanced Market"? A balanced market is neither a Buyer's nor Seller's market and occurs when the inventory of homes to sell reaches a 5 to 6 month supply. Refer below for key characteristics of a Seller's and Buyer's Market.
Key Characteristics of a Seller’s Market (more Buyers / less homes)
- Homes do not stay on the active market long
- Homes sell for list price or more
- Home prices increase
- Sellers receive multiple offers
Key Characteristics of a Buyer’s Market (more homes / less Buyers)
- Homes remain on the active market for longer periods
- Homes sell at or below list price
- Home prices decrease
- Sellers receive single offers
If you are considering listing your home at this time, strategically pricing the home using recent comparable sales in your area, is your key to success in this shifting market. Buyers that have remained in the market determined to find their home, are acutely aware of the current market trends.
Have questions? I have answers! Give me a call.
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