What can buyers and sellers expect from our fall housing market?
Summer is over, and our real estate market has changed. Today I’ll go over the good and bad so you can make an informed decision as we head into the fall.
At the beginning of June 2022, we had 6,330 homes on the market, which is a low number but not as low as we have seen previously. Now, we have over 10,000 properties for sale. This means our inventory has quadrupled since last year. That’s not necessarily a bad thing, but it certainly changes our market dynamics.
Now let’s look at the average number of sold properties over a seven-day period. In June, 700 or 800 homes were selling on average each week. Now, 530 homes are sold a week. Due to rising interest rates, fewer buyers are purchasing homes, which is causing our inventory to increase.
Another notable thing about our market is the number of price reductions. In June, our market saw about 1,100 price reductions in an average week. Now, there are 1,600 price reductions each week, which is a 40% increase from June.
What does this all mean? By this point, it’s clear that we’re transitioning towards a normal market. We’ve been in one of the best seller’s markets in history for a few years; now, things will be more balanced. This is great news for buyers since they’ll have more options. While the market isn’t as crazy as it used to be, sellers can still secure fantastic deals if they market their homes correctly.
If you have any questions about this topic, please feel free to call or email me. I am always willing to help!