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Our market saw no real significant change in new listings: 8,521 new listings emerged in November 2018—in contrast, 8,554 came on the market last year.
There was a 2.8% increase in the active homes for sale from this year to last with 21,145 active home listed this year, and 20,564 listed in 2017.
Notably, our market underwent a 7.8% drop in homes sold from this year to last—6,644 were sold this year, while last year’s sales reached 7,202.
November’s inventory finished at 2.86 months last year and rose to 3.18 months this year, resulting in an 11.1% year-over-year increase.
So why the sharp increase in a few of these areas and the cooling off of sales?
These numbers appear to be symptoms of affordability becoming an issue for consumers, the ever-increasing interest and mortgage rates we’re seeing, and the fact that buyers aren’t qualifying for the homes they want to purchase or simply not qualifying altogether.
This results in buyers feeling uneasy, which causes them to pass on purchasing.
The truth of the matter is if you bought a home between 2011 and 2017, you likely locked in a better rate than most buyers could get today—as it stands now, they’re sitting at 4.675%.
Though a number of reasons still make moving a necessity for some, we’re seeing fewer buyers electing to move at this time.
But this shouldn't totally discourage you: Homes that are priced right still have plenty of potential to sell.
For buyers, don’t wait to make a move until after the new year—you’ll want to capture the rate for that home you really want, now. If you don’t act, you may get “priced out.”
If you have any additional questions about the state of the market or any other real estate-related questions, please call or text me today at 602-738-9943. I’d be happy to assist you!
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