10/16/2024
This data is really fascinating and a good depiction of the market right now. Months of inventory is how long it would take for all the existing listings to sell at the current sales pace. Generally speaking, over 5 months is seen as a buyer's market and under 5 months is seen as a seller's market.
In August, days on market for under $250K, $250K-$400K, and over $400K was 1.6, 2.6, and 4.3 months. In September, that same data point has increased to 2.3, 4.3, and 6 months.
Long story short, the market is shifting and becoming a buyer's market. If your home is over $400K the buyer's market is already here based on this data. If your home is between $250K and $400K, you are very close to a buyer's market .. but you are still going to feel a definite slow down in time it takes to sell. If your home is under $250K, it is technically still a seller's market and those homes are moving faster, but even lower price point homes are taking longer than they used to.
How can you use this market knowledge to make informed decisions? 𝐈𝐟 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐚 𝐛𝐮𝐲𝐞𝐫, there is more inventory than we've seen the past few years and very limited competition. Right now is your sweet spot. 𝐈𝐟 𝐲𝐨𝐮 𝐚𝐫𝐞 𝐚 𝐬𝐞𝐥𝐥𝐞𝐫, being on the MLS and good marketing is 100% your best strategy in this market. In a slower market, you want as much visibility as possible and it is also very important to be priced right.
If you have questions about the market or want to chat about how you can be successful with buying or selling in this market, reach out to one of our agents!