It is hard to believe, but the market this year has transitioned from a HOT Seller's Market to a Balanced Market to a slight Buyer's Market.
With inventory (homes for sale) peaking two months later than normal, then hovering at peak levels for another month, inventory is now finally starting to drop. Inventory levels are at the highest level for this time of year since 2011.
Demand (last 30-days of pending sales) decreased from 1,776 to 1,654, a drop of 122, or 7%. That’s the biggest drop so far this year and its lowest level since the start of January. We can expect demand to continue to steadily drop through mid-January. Last year at this time, there were 428 additional pending sales, 26% more.
The expected market time has risen to 122 days to 124 days in a week (slight buyer's market).
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