Today we’re meeting with friends, coaches and clients here in Boise at the Riverside Hotel, talking about real estate trends while watching the ‘river surfers’ and the ducks. Zoë rates the french fries here ‘best ever’…but after all, we are in Idaho, the potatoes better be good!
Forbes, CNBC, USA Today, Wall Street Journal, Redfin and others all are suggesting this, so let’s deep dive into what’s actually happening out there…
From the Wall Street Journal:
“An uptick in inventory, especially at the high end, is bringing a crazy seller’s market back to earth.”
From Norada Real Estate Investments:
“The decline in time-on-market has slowed for the first time in nearly four months, indicating that some properties are sitting on listing portals for a little longer. These market trends point to a positive development for buyers as we enter the crucial home buying season of 2021. Additionally, compared to last year, the number of newly listed properties is also increasing, and the sharp inventory losses of recent months have moderated. The net result has been a deceleration in the growth of listing prices. While home prices are still rising at a double-digit rate, they have passed their peak growth rates.”
How do you know when your market is adjusting?
What are the factors you need to be monitoring?
We’ll answer all three of these questions on today’s podcast (maybe tomorrow’s too!)
Six Key factors to monitor:
1. Monitor the number of new listings coming on the market this week versus last week. Know the total number of listings your market ‘usually’ has. For example, in Austin, active listings have been hovering between 1500 to 1700 for at least 6 months (I watch this daily) and this week, Austin just hit 1809 Actives. That’s a noticeable shift. (Use your MLS Hotsheet or ListReports.com). When you see the number of new listings increase, your market is shifting towards a balanced market, or at least a less competitive one.