At the end of November of 2019, we had 6988 active listings. Compare that to November of 2018, we had 7530. We saw inventory drop just over 18% going from October to November. Last year we dropped 7.4% in the same time frame. What is causing this huge variance?
Rates are a large part of it.
2019 Rates right now are sitting at 3.75. A year ago, we were at 4.5. That is a huge difference. Going into an election year, things tend to remain fairly constant so without a crystal ball, I would speculate the rates will remain close to this point for the rest of the year.
So what does this all mean?
We just saw a huge tumble in available inventory with low rates going into the new year. Our market starts in January, hits a peak in March and then begins a slow down through the rest of the year. If you are planning to sell in the new year, you should reach out right now to your realtor to make a plan to hit the peak of the market.
Buyers, inventory is already drying up coming into the market perking up.
We see showings nearly double in January. If you are waiting, I would stress it may be a good time to start looking right now to try to beat the rush. Downside is there isn’t a ton of inventory but that problem is not going to get better any time soon.
I hope you had a fantastic Thanksgiving and have some amazing holidays. Should you ever have questions on this market, please reach out.
Have a great December!