Our Market Is Becoming More Balanced
Here’s what’s happening with the active inventory in our housing market.
With the market changing the way it is, I want to keep you all updated monthly. What has been happening with our active inventory, and how does it affect you? Let’s talk about that and more in this market update.
The active inventory in June was about 3,400 homes. In March, it was only at 1,600, so our inventory has increased by around 112% since then. At this same time last year, we only had 2,100 homes on the market, but three years ago, we had over 5,700.
It is still clearly a seller’s market, but it’s becoming more balanced. For reference, in 2019 and 2021, inventory increased only 24% between March and June. This year the increase is almost five times that, which shows that the market is beginning to balance out.
We aren’t seeing a decrease in value, but we are seeing a slowdown in price appreciation. Frankly, this balancing is necessary since our market has been so hot these past few years.
"It is still clearly a seller’s market, but it’s becoming more balanced."
We’re keeping our eyes on interest rates and the general cost of living. However, we’ve sold 52% more homes this year than we did last year, so we are still working hard to take care of our clients.
If you have any questions about the market or want to buy or sell your home, call or email us. We’d love to help.