Wednesday, July 6, 2022 / by Brad Brethouwer
The latest market data confirm my suspicions; the market is slowing down.
Today I want to talk about our changing market. There have been signs of our market shifting for the last 60 days. I've seen a slowdown in the number of showings and offers. Where there might have been a listing that had 50 showings and 15 offers, now it may only have 10 showings and two offers. That’s still good, it’s just not as crazily busy as before.
Inventory is rising. 76% of the properties listed in May sold. That's still a high number but is down 10% compared to a year ago. That gap is continuing to grow as interest rates rise and inflation pressures in the marketplace.
People are taking a step back. I've cautioned home sellers to be smart about their pricing and understand that this market is slowing down. A bubble isn’t bursting, but the market is shifting away from the crazy seller’s market we’ve grown accustomed to. This shift will create a more balanced market where buyers have more opportunities and choices.
If you have any questions, give me a call and visit bradbret.com. I'm happy to answer any questions you have.