So this was a week last year that I was away and missed so no year over year figures.
Market continues to shift into balance. Last week I mentioned this was when things start to slow down each year. This year was no exception but there is something more going on. In a typical year demand slows but supply does not yet. This year both did quite a bit.
New listings 5
New Pendings of 5
Closed sales at 7
Inventory at 27 with median of 1.083M.
This looks like it could be the beginning of a market shifting into stagnancy. The mainstream media is starting to write about this also. Demand is falling rapidly but new supply is also. We could settle in to a narrow range where volume is very low without much movement on pricing unless supply starts spiking.
One thing to look for with low demand is the departure of many of my colleagues over the next couple years. Less volume, less paychecks for agents. This could and should happen regardless of what happens with pricing.
Today we saw two of the poster child brokerages for living off of public market money (Redfin and Compass) announce significant layoffs. Pricing of homes is not particuarly relevant to them. Sales volume is relevant to them and thats falling quickly.
