MM is settling into balance thus far. Under $1M generally stronger than over as it should be.
New listings 9 (10) – more inventory this week but not a ton
New Pendings of 7 (5) – pretty steady
Closed sales at 5 (9) –
Inventory at 20 with median of 1.1M. Last year it was 17 with median of 860K.
Looking back at May we had slightly more pendings than new listings. Last year we had slightly more new lsitings than pendings. Inventory finally hit 20 and should stay between 20 and 30 through September before falling into year end if typical seasonal patterns hold.
With 20 homes on the market, buyers can go out and look at a bunch each weekend. We are starting to have more balance in the market.
As I mentioned a month ago it should and has started building into the 20’s and should reach 30. Hard to say which way things go from here but for now its a better market for buyers than its been all year. I still think we’ll know we are shifting towards a buyers market when/if inventory gets well above 30. Until then we are pretty well balanced
