Balance starting to shift a little to buyers finally. This is when market starts to slow down as focus shifts to Summer vacation. Its also when late sellers hit the market. Typically inventory rises through June and July peaking sometime in August before dropping the rest of the year.
New listings 13 (7) – highest count in last 18 months but not by much. Nice to see more come on
New Pendings of 12 (12) – this was the biggest pending week of the year as it should be with more inventory
Closed sales at 6 (8) –
Inventory at 27 with median of 1.1M. Last year it was 14 with median of 825K.
Inventory has been building here with a little more coming on the market than usual but new pendings are hitting highs for the year as buyers finally have choices. A couple weeks back I said we should hit 30 and we are getting close. When/If we pass 40 it should benefit buyers. However its hard to say how long that will last unless we see a flood of new inventory. If it continues on this path its what a soft landing should look like.
