Market of the Moment - 6/24/2022

[Alan Walker]

Well, I'm back from Portugal and back from the gut bug I picked up there (but I did lose 7 pounds so silver lining!). I missed two weeks of reporting so instead of 7 days, this is since the last 21 days.

What a great way to see the SHIFT that has already happened and continues to happen in the market. While the numbers don't indicate we're in a "buyers market", they definitely indicate that buyers have way more choices than they did a couple weeks back (inventory has over 300 MORE HOUSES than 3 weeks ago).That is a tectonic shift in inventory. Rates are a huge factor in this. A 400k home would cost about 1750 a month earlier this year and now costs closer to 2200. Let's have THAT conversation.

We are finally seeing double digit days on market. For some context, in a balanced market, it could take anywhere from 30-60 days on market before a house goes under contract. So let's not scream the sky is falling because we are at 15.

Here's the question, how long will it take sellers to realize they don't have as strong of an upper hand as they thought they did?

I added "Total Price Reductions" to the chart because that is a great indicator of what's happening. Price reductions doesn't necessarily mean prices are going down. They mean the seller and agent were overzealous in what they thought they could get and the market is telling them "No, Ma'am!".

What a time to be alive!