State of the Real Estate Market
Hi, I am Christina Swain with the Swain Team. The real estate market may be cooling, but only slightly.
If you’re worried you missed the sellers’ boat, don’t. Tim Ellis of Redfin Media says, “The market frenzy of 2021 has cooled somewhat, but home sellers are still very much in the driver’s seat in the housing market today.” We can see this in our rising prices. From this time last year, the median sales price has increased by 16%.
Here are three key takeaways from the latest data:
1. Supply is increasing, but inventory is still low. Supply is still two-thirds of what it was a year ago.
If you are a seller looking to take advantage of the hot market, you aren’t alone. In fact, sellers trying not to miss out on high prices could be motivating the increase in supply. According to Redfin Chief Economist Daryl Fairweather, “This continued demand for homes is enticing more homeowners to sell in order to avoid the fear of missing out on historically high prices.”
2. Buyer demand remains very strong. Homes remained on the market for an average of 18 days. In June and July our average days on the market was 15 days, but it is still far lower than the 34 days we saw a year prior. A lot of this change is seasonal, and some of it is buyer fatigue, but demand overall remains historically high.
NAR’s director of housing and commercial research, Gay Cororaton, put it best: “We’re seeing the gap narrowing between demand and supply,” but “There’s still a huge, huge gap.”
3. Seasonal shifts might be smaller this year. We normally see the housing market cool in the fall as families prepare to send their kids to school and hunker down for the winter. However, the pandemic may have thrown this pattern off balance.
Senior Economist George Ratiu says he “expects an unusually busy fall season” this year. More people are vaccinated and feel comfortable going out into the world again.
What does this all mean for you? While the market may be cooling, experts all agree: we’re still in a seller’s market. Demand remains high, and supply remains low, even if it’s not quite as low as it was previously.
If you’ve considered selling your home, you haven’t missed the boat. Reach out to me today to schedule a Free 30 min Home Salability Assessment where I give you tips and tricks to prepare your home for the market
Call us at (267) 397-6291 or email us at Info@SwainSells.com.
Until next time I am Christina Swain with The Swain Team