The number of active listings continued to climb in August, indicating that the market may be beginning to level out from its extremes over the past year. Current active listings stand at 814, up 106% from 2021’s low point in March. 731 new listings hit the market, slightly above the seasonal trend for this time of year.
While the active median list price continues to rise (reaching an all-time high of $682,000 in August), the median list price of new listings coming on the market is more than $80,000 lower, a signal that our extreme seller’s market may be cooling slightly, and that some sellers haven’t gotten the message. The actual median sales price seems to be leveling out around the $575k mark.
The absorption rate, which shows how long the current inventory of properties would last at the current rate of sales, continues an upward climb from its low of .74 months in March, with August seeing 1.42 months of inventory. Average days on market has hovered in the range of 17 days since May, not climbing but not continuing to fall either.
Sellers: an experienced agent can help make sure you aren’t overpricing your home, which can decrease its final sales price even in a frenzied market. Buyers: you continue to be at a disadvantage, but there are signs that the scales may be lifting just slightly in your favor. It’s important to consult with an expert to see whether now is the right time to make a purchase.
Dropping inventory continues to be good news for sellers, who are receiving, on average, more than what they’re asking for their homes. However, for sellers looking to stay in the area, finding their next home will be the major challenge, and may be preventing many sellers from listing.
Buyers continue to be in an especially vulnerable position, facing a stark lack of inventory and stiff competition for the few properties available. To be successful in such a tight market, buyers will need to be aggressive with their offers, solid in their financing, and flexible in their home search.
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