Let’s get right into this morning. This week’s MLS activity looks a little different.

Market Watch
New Listing (931) This is a nice break from the last several weeks.
Coming Soon (124)
Back On Market (184)
Price Increase (65)
Price Decrease (1496) We continue to not see this market very clearly.
Pending (900) Not a bad week with UC, but still slow in comparison.
Withdrawn (124)
Leased (0)
Closed (711) Another slow week. If we look at Back on Market and Pending, the result is Closed.
Expired (141)

As we look at the trends in our marketplace, this week has clearly rejected the results of the last few weeks with fewer new listings and fewer closed transactions. How do Total Active Listings look?

We have only jumped 100 total active listings in the last week. This reflects a slowing in seller interest to jump into this market. On the other hand, we saw fewer buyers jump in with rates continuing to be a significant distraction.

Here’s my hypothesis for the next 100 days. Rates will drift slightly lower, but only marginally, not enough to cause any froth in the marketplace. The Supply and Demand Ratio will remain relatively stable too. Home sellers are not gamblers. They will want to see a clear vision. November 5th will offer some guidance. Buyers will continue to watch the market every day, week, and month. They will be stopping at open houses. They will be in search of the unattainable at a price below market. Lenders will have to adjust to lower demand. Real Estate Brokers will continue to press onward, because that’s what they do. The result of 2024’s market data will be less than excellent. Fewer sales will be the major departure from the trends in the last few years.

One way or another, it will be a brave new world. If you haven’t read it in a while, it is a good “circle back” book. You will get my message if you have read Future Shock, Brave New World, 1984, and/or Atlas Shrugged. If you have read all the John Steinbeck books, you will understand what’s happening. I can only pray that we look out for each other and hope for the best. Change and Changes are happening so fast, keeping up is difficult.

Let’s talk, let’s plan, let’s revel in the future coming our way. We are here for you…tc

TheCryerTeam@Kentwood.com