In real estate, it’s normal to see receding and flowing in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here’s how this summer is stacking up against the norm and what it means for you. Inventory is increasing. According to the latest existing home sales report from the National Association of Realtors, inventory levels have been rising since February of this year, slowly but surely. Looking at the graph, there’s a clear upward trend as shown in the green bars. Currently, there’s a roughly two and a half month supply of homes for sale. While inventory is trending up and more houses are coming onto the market, it’s still much lower than several of the previous summers.
Now, these are national statistics. Check out my July Market update of our Cheyenne local statistics. If you’re looking to buy, some relief is on the way in the form of more homes coming on the market. Just remember, we still have less inventory than the norm, so be patient in your search. I know it’s easier said than done. Buyers now more than ever need to be consistent and tenacious when it comes to purchasing a home. If you’re thinking of selling, I cannot stress enough how much that right now is the time. Work with your agent to list your house before it has more competition on the market. If you don’t have an agent or looking to explore your options, I would be happy to talk with you. Time on the market is still shorter than normal. Unlike typical summer trends, time on the market is moving at the fastest speed we’ve seen since the National Association of Realtors started collecting the survey-based data information in 2011.
The most recent Realtors Confidence Index shows that the average home is on the market for just 17 days as shown in the green graph below. This means that houses are selling at a much faster pace than a typical summer, which the orange bars represent. Now, these are national statistics once again. So, make sure you check out my July Market update for our local Cheyenne statistics. Bottom line is this isn’t a typical summer. Whether you’re buying or selling, let’s connect to talk about how you can capitalize on today’s market conditions to sell your house or find your dream home. Keep an eye out for part two of two of why this isn’t our typical summer market. I’m Asha Bean, Homes with Asha at CENTURY 21 Bell, not your average realtor.