We Are Right Side Up Again…
If you look at the chart, in most months over the last 10 years, we had more homes in inventory on the first day of the month than we sold in the prior month. That changed pretty dramatically in 2021 and continued into the first half of 2022. Now we can clearly see the new trend that began in June of this year. The green line (active listings) has once again returned to being above the red line (closed listings). This is the more “normal” orientation given historical data.
However, this does not mean we have shifted to a Buyer’s Market. To do that, we need close to 6 months of inventory. We have moved back to more balance with 2 months of inventory verses 2 weeks. This has created more equality in negotiations between Buyer and Seller where Buyers are once again writing contracts with loan, appraisal and inspection contingencies and Sellers are accepting them.
If you know someone who is thinking of buying or selling or both, let us know. We would be happy to evaluate how these changes have affected their situation.
Happy Thanksgiving from all of us here at The Bridge Team!
