Fewer Houses AND Condos For Sale This Week
Thank goodness for the summer slow-down! Not only are buyers slowing down (as we see in soft numbers of homes and condos that have gone pending), but it seems that sellers are less eager to get their homes on the market right now. We saw a dramatic shift in the number of homes coming on the market this week (almost 100 fewer than the week before), and we also saw a 20% decline in the number of new listings for condos as well.
Our existing inventory continues to age, as we now have almost 60% of homes in the 31+ day category! That number is even higher for condos, with 65% of all available condos for sale having market time of longer than 30 days.
It’s a tough time to be a seller unless you are willing to price your property on the low end of fair market value. I am still seeing some homes that are either in excellent locations, have beautiful interiors, or are priced well below the others in the area getting into multiple offer situations. It’s a weird market out there right now. So let’s keep checking in on it each week.
See you soon!