The first half is in the books. Now, the 2nd half is up in the air. Rates, Election, Supply, Demand, and whatever else this environment can throw at us. What’s your bet?

Market Watch All Property Types
New Listing (1647) Another close to record week for new listings in 2024.
Coming Soon (91)
Back On Market (280)
Price Increase (234)
Price Decrease (1957) Wow, this is another record week for price reductions.
Pending (1255) This is a strong week, but nothing out of the ordinary.
Withdrawn (256)
Leased (84)
Closed (1380) Creeping up, but still behind the supply side of the market.
Expired (664)

We have a plethora of choices in the All Property Type Market above. It adds roughly 50% more inventory each week, than the SFR market segment below. One could argue, the SFR market remains in a much more balanced almost seller position.

Market Watch Only Single Family Homes
New Listing (969) A very understandable number of New Listings.
Coming Soon (73)
Back On Market (174)
Price Increase (188)
Price Decrease (1261) Still very high, but not as dramatic as all property types.
Pending (896)
Withdrawn (141)
Leased (0)
Closed (1021) This is right in line with expectations of a strong market.
Expired (292)

What’s my point? In my history of 5 decades in this market, the ancillary property type supply and demand is a much more anticipatory group than SFRs. People need a house. In a market like this, many investors, developers, flippers, etc., exit and wait it out. They might envision too much risk. Where the most in-demand market of shelter tends to be more sustaining. So, right now, the SFR market is maintaining great ratios of Supply and Demand. Will condos, new construction, multi-family, and the rest start showing real signs of weakness? As always, only time will tell, but the early indicators are clearly in place.

To watch the numbers from this market week in and week out, and then all of a sudden to see a jump like this is surprising, to say the least. Moving up to 8,190 Active Listings has not been seen since 2014. We are going in on a wild ride folks. Get ready for the unknown…

We have increased from 4,591 in January to 4,960 in February to 5,039 in March to 5,669 in April to 7,335 at the end of May, and now at the end of June at 8,190 as we move into the 2nd half. Last year at this same time, we had about 5,440 Active Listings. This is a dramatic change in a short time.

And, that is why, Dee and I are here to assist, guide, and educate you on the trends, the neighborhoods, and when it might be best for you to dip your toes into this market. Please reach out to TheCryerTeam@Kentwood.com