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A Market Update for the End of Summer
Manage episode 186573410 series 1322858
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What can you expect from our real estate market over the next few months? We’re here to let you know.
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Today we’re going to talk all about the summer market: what happened, what it means for you, and what you can expect as we transition into fall.
There are five long-term indicators that show how our market is doing, along with one short-term indicator. The long-term indicators include:
- Inventory is down from last year.
- The rate at which inventory is accumulating is down.
- The number of closed transactions is up.
- The median price point is up.
- The list-to-sale price ratio is up.
All long-term indicators point to a strong seller’s market.
All these long-term indicators point to us being in a strong seller’s market, but the short-term indicator is different. Over the last seven days, we’ve started to see the number of new listings outpace the number of pending transactions. We’ll keep an eye on this trend to see if it continues. You should keep an eye on it as well.
If you have any questions for us about the market or anything else about real estate, give me a call or send me an email. I look forward to hearing from you.
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