Good Morning Interested People!
The fall season has clearly arrived. A few weeks ago, Dee and I took the day to visit the last of the Aspen colors for 2022. As you can see see in the background, the white stuff is finding its way onto our high peaks.
We find ourselves in the second or third week in a row of growing Single Family Inventory after it had flattened. This trend has been around 100 per week, so this is not very concerning, and I believe the #BlackSwan of #InterestRates is being absorbed and understood to date. Long term if they continue their upward trends, it will grind this market to a halt. Let’s keep a close eye on this one.
The wild horses of early this year and several years past are slowing their gate. Offers with no contingencies are all but lost in this market. Buyers have become extremely cautious! Sellers are even considering Contingent on Sale Offers, but this is not a big trend yet. Seller concessions are impacting almost every transaction. Time will tell a new story.
Last but not least is the Dollar. Around the world against other currencies, the Dollar is so strong, it is impacting US exports. As an example, when I was in Canada this summer, the Canadian Dollar was about .80c to the US Dollar. Today it is .72c. This makes global trade more complicated for US business around the world. Believe it or not, this is impactful to the US residential market. It is even having a positive impact on lowering construction materials coming from Canada in the form of wood products and energy.
The weekly numbers below are not threatening, and given the circumstances can be construed as positive.
New Listing (1220). This is pretty much like the last few weeks with no big rush to sell here.
Coming Soon (118)
Back On Market (243) No big concern here. This number is actually down a little bit.
Price Increase (124)
Price Decrease (1895). This continues to be the story in this market. Sellers are being to optimistic with their starting list prices. This is requiring 1, 2, and 3 reductions before sale.
Pending (1013). A pretty good week. Between cash buyers and well qualified borrowers, the market continues to be the market.
Closed (1074). A pretty good week. Not record breaking, but it is pretty good.
The big image below is clearly painting a picture of No Big News Here, Yet.
Let’s all take a great big breath. We’ve had statistical run of almost 10 years of positive market trends. It’s time for a breather. Residential Real Estate is a long term investment also providing shelter and security. Let’s not forget this.
As always, Dee and I would be happy to take your calls, answer your questions and help with the creation of a Buyer’s Plan or Seller’s Plan. Please give us an hour and we’ll provide a valuable path to follow. In the meantime enjoy life…