There's no question we've been in an extreme market-
The good news is we are seeing a TREND change. Before you get too excited, we aren't seeing prices dropping or foreclosures etc. ~ however, the rate of appreciation is starting to fall. When there is low inventory like we have been experiencing and higher demand it drives house prices up. Economics 101.
This month alone we saw an INCREASE of 25% more homes on the market. Our buyers are starting to see competition with 3-5 buyers instead of 30-40. We are still 75% below normal. It's a slow change, but we study the market closely and it's evident. In fact, the Valley has 140% more available homes for sale in August than it did just last quarter which might feel like a proverbial flood of supply to our landlocked little town but it is still just a sprinkle in the bucket as we’re only sitting at about a 2 week supply for a healthy number of folks trying to make the Valley their home.
Similar to the majority of cities across the Valley, we’ve seen a steady increase in homes coming to the Valley market since mid-March with a fast tracked plan to replenish our deficient supply over the last quarter. With days on market still declining and prices up another 7% since May, now might be the best opportunity that there has been all year to sell your home for top dollar and actually have somewhere to go. While the feeding frenzy of the earlier parts of 2021 is likely over, homes are still selling for 102.87% of asking price meaning that your average home in the Valley is still receiving multiple offers, seeing full or partial appraisal waivers, and some are still including lease backs for the seller although those are becoming slightly more rare and more reasonable in length.
If you have been on the fence to buy or sell, we are here to help you make the most educated and responsible decision for you during this change.