Inventory and Price Reductions Up
Inventory is up again this week, not due to a significant amount of new listings hitting the market but due to fewer listings going under contract each week as we get deeper into the summer months. The taper off in pending transactions is likely to continue through the end of the year which is why it's important to get your homes to market as soon as possible so you don't miss out on the current buyer pool. We now have nearly 6x the amount of inventory in the market than we did in January and February of this year.
Price reductions continue to be on the rise as homes can't garnish the same bidding wars as we did earlier this year. Pricing is tough, even using comps from just 2-3 months ago could result in overpricing a home due to the softening in our market. Mind you, we are still in a deep seller's market, but not as deep as we were in the spring. We are in a similar market to 2020, pre-pandemic. Price reductions for homes that went under contract this last week accounted for nearly 35% of all transactions, with an average price reduction of 6.1%.
