Steady Summer Begins To Give Way
To A Fall Market
The Summer housing market has been a blur of activity and we can’t believe that it is already coming to an end! We are beginning to see signs that the busy Summer market is giving way to our regular fall market. But, as you will see, the unique circumstances that come along with this time of the year can make it a prime time to sell your home quickly.
Drop In New Homes On The Market
We are beginning to see the Spring/Summer real estate buying craze wind down as school starts and families settle down. One of the best ways to see that the market is starting to wind down is to look at the number of new listings being introduced.
In July, we saw a 10% decrease when compared to June in the number of new homes entering the market and a similar 9% decrease in overall homes available for purchase. These aren’t huge changes, but our prediction is that we will continue to see the available inventory decrease as fewer new homes are entering the resale market.
Lowered Days On The Market
The real estate market is the ultimate supply and demand environment. Generally, when supply lowers and demands don’t, things start to look up for the seller.
This is what’s currently happening in our market, and it’s driving down the median days that a home is staying on the market. This is caused by the lowered supply of homes on the market and the steady demand of families looking to purchase before the school year begins.
In July, we saw a 23% decrease when compared to June in the median day on market for listings. This current market is very positive for anyone looking to sell their home quickly.