As we enter into the fall season, things are picking up again from the slightly more sluggish market of August. (And is there a better word for just about anything in August than “sluggish?”) Almost every year, we see a bit of a dip in August, and a pick up after Labor Day, after vacations are over, kids are back to school, and people are a little more “back to business.” Over the past few years, this cycle is a little less reliable as things have been in a nearly nonstop upward trajectory.
In August, the month’s supply of homes for sale stayed the same as it was in July, at just under 2 months, and it’s the highest it’s been since October of ’23. Now, we’re still not near a balanced market (that’s closer to 6 months of inventory), but it’s definitely better than it has been.
Overwhelmingly, we’re still seeing homes that are “done” are selling quickly, and we’re still seeing plenty of homes sell for over asking price. The homes that are not “done,” or are not priced accordingly, are sitting for much longer than they would have six months ago.
Numbers are great, but easy to find and harder to unpack. Anecdotally, I’ve been tracking price reductions in our market since the beginning of the summer. What had been a pretty consistent 250 reductions per week at the beginning of the summer has been steadily creeping up, sticking at around 350 for weeks, and now tipping into the low 400’s. Is that a terrible indicator? No. More likely it’s a cooling of the crazy market that we’ve been in, where everyone wants to price higher than the last one, and not every home, nor every location, warrants that type or jet fueled appreciation.
Additionally, when working with buyers, I’ve seen they have a bit more variety, and given that money has been and continues to be more expensive to borrow, they’re a little more choosy about where they spend it on, meaning pricing is more important than it was even 5 or 6 months ago.
As always, if you have questions about YOUR neighborhood, area, or home, or where you want to live, please reach out. I’m happy to break down the data that’s specific to your situation.