Here’s what the latest numbers have to say about our real estate market.
What’s going on in our real estate market? People want to know all the time, so today I want to focus on what’s been happening since the beginning of this year.
The first thing I want to look at is supply. If you’ve been watching my updates, you know that supply has been down compared to last year throughout 2021. This month isn’t any different: Supply is down 25.2% year over year.
Meanwhile, home sales are up 12.5% year over year, and the average price is up 16%. The average days on market has lowered from 57 to 32. Some of you may be surprised the number is so high, but you have to remember this is just an average. For most people, the average days on market feels more like five or seven days right now.
“The market won’t crash anytime soon, but we may be near a peak. “
I want to wrap back around and talk about supply. Year over year, our supply is still decreasing; however, the rate it’s decreasing is slowing down. This could be an indicator the market is slowly balancing out.
What does this mean for you? I would try to think of the market as a roller coaster. As you head up the hill, you don’t know where the peak of the coaster is, but things begin to slow down the closer you get to the top. Once you’re at the peak and things begin to really slow down, it’s probably too late; that coaster is speeding down the hill, and there’s no stopping it. I’m not saying the market is going to crash anytime soon, but we may be near a peak.
If you would like to take advantage of our hot market while you can, please reach out to me via phone or email. I am always willing to help.