We have focused on lenders and loans in our newsletters for the last couple of months, so this month we decided it was time to give an update on how our local market is doing. Let’s start with the numbers, courtesy of our local MLS the Real Estate Information Network (REIN):
You can see in the chart that our title was pulled from the figure noting a 32.55% increase in year over year active listings. Does that large of an increase matter? At the risk of talking out of both sides of our mouth, our answer is yes it matters, but not yet. A 32.55% increase is a huge move percent wise but must be evaluated in tandem with the shift of the Month’s Supply of Inventory (MSI). The MSI went from 1.37 in May 2023 to 2.07 in May 2024. That is a 44% difference, another rather large jump, but a balance market is between 5 and 7 MSI so we are still in a strong seller’s market. The number of homes for sale could double and, assuming they still sell at roughly the same rate, we would still technically be in a seller’s market.
To be clear, if there was a shift to a Month’s Supply of Inventory of 4 to 5 months, our market would definitely feel significant changes. Homes will be listed for longer before they go under contract and buyers will have more negotiating power. Despite the fact that the Median Sale Price set an all-time high last month of $352,392, we are starting to see more price reductions from sellers. Home sales are most certainly not collapsing, but we do see that the market is changing incrementally.
It should be noted that our information and opinions in this update center on homes listed under $500,000. The sales market in the higher price range is slower.
Both buying and selling is a complex process and we are here to help! Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email and we will be happy to talk through your individual situation. We love real estate and are always happy to talk.
Cross Realty Rental Property Management
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
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