As of August 2019, there have been some major changes in our real estate market. Last month, we had 9,666 homes come on the market for sale versus 10,001 the year before. That’s a 4.5% decrease.
There were 16,555 active homes on the market this August versus 17,763 last year. That’s a 6.9% decrease.
Home sales are up by 6.9% from 8,255 to 8,832. At the same time, our months’ supply of inventory dropped from 2.15 to 1.87.
What does all of this mean? While fewer homes are entering and staying on the market, more homes are selling. It’s a tight market in most price ranges and as rates keep dropping, buyers will continue to look for homes.
On the flip side, sellers want to sell but they’re worried about their purchase. That’s why you need to have a team to help you coordinate those two timelines together—you want to be able to lock in a rate and sell high while demand is up.
I’ve been doing this for over 20 years and have helped over 1,700 families in the Valley. I can help you too. If you have any questions for me about the real estate market or about buying or selling a home, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.