8 Market Points Today

1. The cooling trend in the real estate market continues as more inventory makes its way to market and pending sales remain steady.

2. Inventory is up 64% from this time last year.

3. Buyer fatigue has set in as well as sticker shock from interest rates causing our frenzied market to cool.

4. The market began its cooling phase earlier this year following Easter weekend rather than the traditional week after the 4th of July.

5. We saw a 40% decrease in showings over Memorial Day weekend.

6. Showings have significantly slowed in the last month and it isn’t uncommon to need two weekends on market before going under contract in the $800-1.5m price point.

7. With the talk of an economic recession, a housing recession is still unlikely with only one of the last seven recessions resulting in a loss of home value.

8. 80% of homes are still getting at or above asking price.