Summer Market Update: Is The Market Finally Shifting...A Little?

Here's a quick update: In the GR metro area there are currently 1,271 Listings Active on the Market. There are 1,109 Under Contract (Pending). 9,672 Listings Have Sold in the last 12 Months and 896 Have Sold in the Last 30 days.

What does this mean?

If 9,672 Listings have sold in the last year, that's an average of 806 homes/month. So, having 1,271 Active listings on the market may not sound like a windfall, but it means we have over a month of inventory on the market. Actually, it's 1.5 months of inventory. When I sent an update in late May we had .86 months of inventory on the market. It looks like things are moving in the right direction. However, as we saw in March's analysis, we've gone from having over 13,500 homes selling in 2020 to where we are now, with less than 10,000. We have a long way to go to make up that 25%. In 2020, this 1,271 Homes on the market would have only amounted to a little over 1.1 months of inventory. The difference now is that there are significantly less buyers due to the interest rates and home price increases so the market is actually less competitive.

In general, there are more homes to look at than there were in the spring; inventory is tight, but not insanely so. With folks still on vacation, the buyer's market is softer than it was in May and June. If you are set up on a search plan and haven't taken a look at it since mid-June, you may want to take a gander now.

Please reach out if you have any questions, I'd love to help in any way I can!

-Joe