What is the market doing right now?
This time last year was a very good market. If you were actively looking for a home, or had your home up for sale, you know. At that time we had two months of inventory. This means if no new homes came on the market, and demand stayed constant, all the homes would be gone in two months.
Almost everything that was listed, sold. It sold fast, and many had multiple offers. If you talked to a agent last year they were all saying the same thing: “I’m selling homes like crazy!” It was a good time to be a home seller.
Right now the number of homes sold are 9% lower than last year. At the same time, inventory is 25% higher than it was last year at this time. How do these two compare? And what does it mean for the coming housing market?
Less sales, and more inventory.
The current level of homes under contract to sell are 15% lower than last year.
What happened to prices last year when homes were selling and inventory was low? Home prices were going up, and values were rising.
What happens to prices now that there are fewer homes selling and more inventory? They are ‘softer’ which means they can still go up but not at the dramatic rate that they did last year. Because we went up so high so quick last year, a lot of the home prices are coming back down across the valley.
If you’re going to list your home for sale this spring / summer. Make sure you have an experienced agent who knows the current market trends. If you price your home wrong you’ll miss out.