The July Fresh Report is in.
The biggest news from this last month is that listing inventory is up nearly 40% from the same month last year. There are almost 5,000 additional properties for sale right now compared to July 2021.
For buyers, this means there are more options to choose from, and for sellers this means they may have more competition than they did last year,
depending on the subdivision.
This means we're going back to a more normal market .
2 years ago we had houses selling in 20-40 days and people were happy about it. Everyone has an astonishingly short memory.
Any time there is a big enough shift in a market, the collective response is generally to overreact.
I have heard some agents talking about how the sky is falling, but what's really happening is we're shifting out of the craziness that was never truly sustainable.
People seem to forget that Real Estate is a cyclical industry with natural ebbs and flows in activity. But just because something is slowing down doesn't mean by any means that there is reason to panic.
I will say that selling that was motivated from a speculative, some might say greed based, standpoint is going to go away. It was a quite a run, but the current interest rates have put a stop to that.
We are seeing the normal uptick in sellers putting properties up for sale to move for summer. We have 9% more doing that this year than last year.
The keys to seller success in this market will be to pay attention to the traffic data, physical foot traffic showing volume, and hear and act on the message it tells us about our prices.
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