The market is complicated. Buy – Don’t Buy. Rent – Don’t Rent. Sell – Don’t Sell. You take a chance on that Dream Job, Dream House or You Name it! No one can predict the future, but we can gather the facts, we can analyze them and we can charge ahead.
As Eleanor Roosevelt once said; “The future belongs to those who believe in the beauty of their dreams.” If you have a dream live it, own it and make it happen…tc 2018
All humor aside, this morning our dreams are focused on the beginning of the second quarter of 2018. As we begin, guess what? We have had another slump in the number of new listings this week. Was it Easter, was it Spring Break or was it just the market trying to tell us something? The MLS data below is our window to the future.
New Listing (1037) This is down over 300 from last week!
Back On Market (184)
Price Increase (90)
Price Decrease (497) This is very telling!
Under Contract (1611) This is about equal to last week. Realtors working through the holiday!
Sold (1460) This is down 300 from last week.
Long story short, we have less than one months supply of resale inventory.
This week, I’m going to take you down a road less traveled. Price Decreases have risen significantly over the last few weeks (As you can see above), and they are becoming a leading indicator. Have we reached to far with our List Prices? Have we tapped into affordability too much? Time will tell, but for now, let’s keep an eye on this one. What’s your opinion?
Let’s discuss what’s ahead of us. Interest Rates will become a more pressing issue if they continue to rise. Household Income is expanding, but will it be enough to keep the housing price momentum churning upward? As they say on #MotleyFool, are you a Buy, Sell or Hold?
I believe homeownership is about achieving a goal, realizing a dream and becoming part of a community that is bigger than yourself. Those factors alone make homeownership more than an investment, it is a way of life. If you want to live the dream, let’s talk. It’s a good life!