Sure, stats are helpful. You to really get the pulse, you need to be involved in the day-to-day. If you look at the numbers from this November versus last November, two things should stand out: more homes were listed, and less homes sold. I can verify this feels accurate, since every home we listed prior to this fall sold within an average of 5 days. But the home we listed on November 1st still is active today, 34 days and counting.
To be sure, some of that is seasonal. Which is why the month-to-month comparison is key. This November our market saw 53 more homes come on the market versus last year, and we sold 38 less. We had the same seasons last year, so what caused the difference?
I believe our market reached it’s peak in early fall. I thought so last year too, when the sharp rise in rates caught many buyers by surprise, and homes started to sit for more than a day. It seemed as if the run up in prices had crested, and buyers were in for some much needed relief.
But this spring and summer, prices inched up a bit more as inventory continued to be an issue. Now that both buyers and sellers are coming to grips with the fact that rates probably aren’t going to drop as fast or as far as we all hoped, things are shifting.
