It’s that time again folks. Today, I want to give a brief rundown of where our market has been and where it’s heading.
At the beginning of the year we had really low inventory and saw spikes in prices by as much as 9% through April. As sales started to slow down in May, we saw the market stabilize a bit. However, it didn’t take long for the market to pick back up.
In June, inventory increased steadily and sales picked up again. Now, the market is on fire again. Our inventory is below 100,000 right now, which is incredibly low. For example, look at these price ranges:
$100K-$150K: 1 week of inventory
$150K-$200K: 10 days of inventory
$200K-$250K: 3 weeks of inventory
$250K-$300K: 35 days of inventory
$300K-$350K: 40 days of inventory
$350K-$500K: 48-50 days of inventory
$500+: 72 days of inventory and above.
As you can see, inventory is incredibly low right now. New construction inventory is putting a bit of pressure on the $400K and above market, but not much. In all price ranges, inventory is quite low, which is generally great news for homeowners.
Overall, the market is fantastic. Because the market is moving fast, many homes are selling before they even hit the market. So, if you’re looking to buy, it’s crucial you work with an agent so that we can keep a close watch on the market and jump on the right home when it becomes available. If you’re selling, conditions don’t get much better, so don’t hesitate to reach out to us so we can get put together a strategy to get top dollar for you home! We would love to hear from you!