Inventory is increasing and sales have leveled off in our market. This means we should see an upcoming downward pressure on prices.
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What’s the latest news from our market?
For the second month in a row, we saw inventory levels increase. This past April, we saw 12% more inventory come onto the market compared to April 2017. In the months prior to our recent stretch, we saw inventory levels undergo a double-digit drop.
Sales, however, are down about 2%. Even though we’re absorbing a lot of the inventory coming onto the market, we haven’t seen the same double-digit increase in pending sales that we did in the previous months where inventory dropped by double digits.
If this trend continues, we’ll soon see downward pressure on prices. This doesn’t mean they’ll plummet or that a recession is on the horizon; it just means everyone gets a little more breathing room. Sellers will have more time to sell their homes. Meanwhile buyers will have more inventory to choose from and more time to react to find the home they want.
As always, there are many steps to buying and selling a home in today’s market, but the one you need to remember is to give me a call so I can advise you and guide you through the process.