As we head into fall, I wanted to give you a quick market update. Keep in mind that normally, when you hear the media talk about the market, they just go over the number of homes that have sold and the average price of those homes.
Unfortunately, the information the media gives you is usually delayed by two to four months from what’s actually happening now. I want to give you the latest information, so today, I will go over how many new listings are coming on the market, the number of pending/sold homes, and current inventory compared to August of 2015.
The number of new homes on the market has finally gone up now that people have started to see the momentum in the market. In fact, the number of homes for sale has gone up 4% in the last month.
On the other end of the spectrum, the number of homes coming off the market, or pending sales, is up 18%. With 4% more homes coming on the market and 18% going off, our market is currently experiencing a shortage of inventory.
Inventory has gone down 18% from this time last year. Now that there are fewer homes for sale, it is a great time to put your home on the market and cash in on your investment because there will be less competition.
If you want to know what your home is worth in this seller’s market or you have any other real estate questions, give me a call or send me an email. I would be happy to help you!