Heading into August, we’ve had an uptick in new listings and continue to have a healthy (much needed) cooling in the market. The ‘months of supply’, meaning how many months it would take for all the current homes for sale on the market to sell, given a monthly sales volume is a formula to gauge buyer demand in the market. Months of supply last year in July was less than two months, this July it’s inching toward three and a half. See the five year chart below.
We’re still in a seller’s market, but headed into the four to six month range of an average market. Above six months of supply there would be more sellers than buyers, creating a buyer’s market.
I’m still experiencing some multiple offer situations with popular homes priced well, but it’s dramatically went down and now buyers can afford to be a lot more patient with their search and make more comfortable offers, not sacrificing their contingencies and going way over list just to be considered. Whew!
There are more opportunities now, depending on which market you are looking in. If you’re curious about what is happening in your neighborhood, I’m happy to send you a free market update.