Sellers-have you missed your window of opportunity?

For five years or so, home sellers have enjoyed the benefits of what many call a “seller’s market.” Although the definition varies a bit among analysts, a seller’s market is generally defined in part by the amount of available inventory for ready-willing-able buyers to choose from…typically 1-3 months of inventory. A neutral market is typically defined as 4-6 months of inventory, and a buyer’s market anything above 6 months of inventory.
For a long time the level of inventory has remained extremely low…hovering around 1 month of inventory, giving the sellers generous advantages when selling their property.
In the past several weeks, I’ve noticed a slight pumping of the brakes, so I wanted to investigate myself.
In Riverbank, one of the markets I serve, 151 homes sold in the past six months, giving us an average of 25.2 home sales per month. Pretty consistent with the past history. However, there are now 93 homes on the market, rendering us in a state of 3.69 months of inventory. That’s a borderline neutral market, folks, which may be diluting the seller’s advantage.
I wanted to see if the same results would be found expanding the assessment to a county level…and they were. 2850 homes sold in Stanislaus County in the past six months, or 475 per month. Today, there are 1610 active properties, or 3.4 months of inventory. This is a far cry from where we were just weeks ago…and an indicator that the market is shifting.
While I’ve only broken down two specific areas, I believe the data will show the same consistency in most neighborhoods. If you want to know your specific neighborhood, call me and I’ll research your specific area and advise you of the results. 209-505-8679.
If you’re still thinking of selling, it’s not too late…but you’ll need to be priced right and hire an experienced agent who can negotiate on your behalf. We can help you with that, and even offset some of the “loss” you may feel you incurred by missing your window of opportunity.
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