Is it a change? Yes. Is it a disaster? No.
It was bound to happen. No one thought the record breaking spring market could continue and it has not. However, we are still in a Seller’s Market. According to what I have read over the years, a balanced market is 3-6 months of inventory. It tips to a Buyer’s Market somewhere around 6 months of inventory. We still only have about 5 weeks of inventory. So, it feels different for houses to take an average of 17 days to go under contract and without multiple offers in many cases. But again, the 6 or 7 days we saw in the Spring was unprecedented.
Interesting that the average time that the current active listings have been on the market is 62 days. That takes us back to the more typical market where homes that are in good locations, in good condition and that are priced right are selling relatively quickly and those that don’t meet those criteria are sitting around.
If you are considering making a move, it will be easier to buy and when you sell, if you price your home right and have it looking good, you are likely to make a sale. If you would like to discuss your options on either or both sides of making a move, please don’t hesitate to be in touch.