This month, let’s take a moment to review two important graphs and unpack the meaning behind the data.
We’ve been hearing a lot about an increase in available inventory, which is true across the board. It’s important to pay attention to the number of new listings. This number has been gently trending up.
There are new properties coming on the market, but that isn’t the huge increase in inventory. There are “legacy listings” that are sitting out there (and have been for months) that are just not moving.
Peeling it back, this means there is a tale of two markets.
On one side, there are clean, move-in ready, properly priced homes. This market segment is still seeing multiple offers, moving on to and out of the available inventory bucket.
On the other end, not perfect, improperly priced homes are sitting. They’re sitting longer and they are going to have to chase the market, putting upward pressure on inventory levels and months supply.
Now more than ever, think about the pricing strategy for your home and work closely with your real estate professional to position your property well in the marketplace.