Multiple offers way down from May to June
The rate of multiple offers has calmed with nearly 53% fewer homes selling in competing offer situations. As of June 20% of homes were selling for over asking price. With a significant reduction in the rate of multiple offers buyers now have negotiating power, the ability to go under contract with contingencies and the right to maintain appraisal and inspection objections in their contracts. This is a stark comparison to earlier this year. It's a great time to circle back to those buyers who tapped out earlier this year when the market wouldn't allow for negotiations.
The market picked back up post Independence Day Weekend but not quite to where they were the weekend before. We are now sitting at about 1.1 months of inventory, which is up from the 0.2 months of inventory we had back in February. Active inventory continues to rise giving buyers more options that didn't exist earlier this year.