Are we in a Market Shift? By that I mean, are we shifting from a seller’s market, to a buyer’s market?
We will dig into some data to answer that question in today’s Two Minute Market Update.
Over the last 5 years, we have studied the data of Closed Sales and Inventory closely, as those two data points strongly indicate market changes.
Closed sales has risen year over year from 2014 to 2017 and in 2018, we had our first negative decline in 5 years.
One year doesn’t make a trend; however, we noticed that the year over year increases have actually gotten smaller and smaller until the decline this year. This suggests that we have hit the top of our market and are shifting downward gradually.
In addition, we studied the data of inventory of listings from 2014 to the present, and as we knew, the inventory decreased year over year (which goes hand in hand with the closed sales numbers above). However, the decrease has also gotten smaller year over year, and in 2018, the number had only decreased 500 units, versus 2,300 units in 2014-2015.
What does this mean for you as a seller? It means there is never a better time to sell than RIGHT NOW! The data is convincing that you will never net more money than right now until we see the next shift.
What does this mean for you as a Buyer? Is it possible that the timing can be right to sell and buy at the same time? The answer is yes, and when you check back in next month for the Two Minute Market Update, I’ll explain how.