2018.5 Mid Year Market Update

2018.5 Mid Year Update

2018.5 We are halfway through the year…what trends are popping up in the real estate market? A picture is worth a thousand words and these graphs say a lot.

Active listings in the MLS January through June 2018

Active InventoryNew listings that came on the market 6-month trend for the last 3 years

New ListingsContingent properties (went under contract) 6-month trend for the last 3 years

Contingent propertyClosed properties 6 months trend over the last 3 years

Sold Property

As you can see, we have more active inventory for the buyer to consider. We have more new inventory coming on the market than the last 3 years, our contingent properties per month are in a decline, and our closings compared to the last 3 years are up only slightly. In spite of having more property on the market than we have had in some time AND our new listings to the market are up significantly, we still have under a 3 month supply of property for sale in our MLS.

I have pointed out this trend out the last few months and am giving the same advice for now:

If you are looking to buy a home, you could still be dealing with multiple offers. Even though you will are seeing a few more homes on the market, the inventory is still under a 3 month supply, which is considered to be a seller’s market. Be cautious about what you pay for the property and remember, you can always have an appraisal contingency in your offer to prevent you from overpaying for a home.

If you are looking to sell a home, now is still a good time to sell because our inventory is under a 3 month supply. Keep in mind our inventory and it is better to price your home competitively instead of a little higher than the comps. If you follow this advice, you should be getting a lot of showings when your home first hits the market and you will be in a better position to see multiple offers that can improve what you net on the sale of your home.

All of the stats in the graphs were pulled directly from our local MLS data.

About the author:

Eric Larkin is a Broker Associate with REMAX Solutions. He lives, works, and plays in the Cocoa Beach area. Eric has been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. His focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.

What questions do you have about buying or selling a home? CLICK HERE to ask

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