What Has Changed in the Market Since August 2017?

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In August of 2018, 9,931 homes came on the market, whereas 9,853 came to the market in the same month last year. This is a 0.8% increase, which isn’t terribly significant.


Last year, there were 19,249 active listings on the market, compared to this year’s 18,338—a 4.6% increase.


For homes sold, August of 2017 saw 8,253. This year we sold 8,245, which doesn’t account for much of a difference.


In August of 2017, the months’ supply of inventory hovered around 2.33 months, which decreased by 4.4% over the next year, leaving us with 2.23 months this past August.


What does this mean? In short:


We’re seeing a pickup in inventory year over year and a decrease in the months’ supply of inventory. However, we have also seen a consistent increase of our months’ supply of inventory since May of this year.


You might notice that houses are staying on the market a little bit longer and that there have been some price adjustments in your area. In some neighborhoods, sellers are still getting multiple offers; in other neighborhoods, you might see an upswing of inventory.


If you have any questions about the state of the market or if you’re thinking of buying or selling a home, please reach out to me. I’ve been selling real estate in the Valley for the last 19 years—trust me, I can help you.