A Slowing Market: The Expected Market Time is continuing to rise rapidly.
There is a distinct chill in the morning air. Pumpkin Spice Lattes are the drink of choice at Starbucks®. Major League baseball playoffs have fans glued to their television sets. And, trees are slowly shedding their browning leaves. It is that time of the year again; it is autumn.
Just as life transitions from summer to autumn, the housing market evolves as well. Traditionally, since the kids are back in school, the Autumn Market is when the inventory drops from its summer peak and demand fades. With the inventory dropping along with demand, the overall Expected Market Time (how long it would take to list a home today and open escrow down the road) typically does not change much at all from August through the end of the year. That is, until this year.
The 2018 real estate market is going to go down as the year that the 6-year, extremely hot run in housing came to an end and downshifted considerably. Taking a closer look at the active listing inventory, every single price range has considerably more homes on the market today compared to last year. Overall, there are 2,077 more homes, up an astonishing 40%. Typically, the inventory peaks sometime between July and August. When the kids go back to school, intuitively, everybody knows that the best time of the year to sell is officially in the past. Fewer homes come on the market and many unsuccessful sellers throw in the towel. But, this year, the active inventory has yet to peak; it is still growing. Over the past 30-days, 11% more homes have come on the market compared to last year at this time. As a result, there is a lot more competition in selling a home.
If you would like a copy of the full report with it's charts and graphs. Please email me (Tony@AgentX2).
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Tony Leocadio, Team Leader