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As we transition from September to October, the real estate market is showing signs of stability and balance. Inventory levels are beginning to flatten out, providing buyers with more options to choose from. Sellers are becoming more flexible, willing to negotiate, make repairs, and offer concessions to close deals.
- Active Listings: The number of active listings has remained consistent compared to the previous week, although inventory levels are notably higher than this time last year.
- New Listings: There has been an increase in new listings both week over week and year over year, indicating growing seller confidence.
- Pending Transactions: The number of pending transactions has remained relatively flat, and the market’s supply of inventory has held steady.
- Odds of Selling: While the Odds of Selling have risen slightly, they remain below historical averages, reflecting the ongoing dynamics of the market.
- Showings: Showings have seen a minor decline from the previous week but are higher compared to the same period last year. Homes are staying on the market longer, giving buyers more time to consider their options.
- Price Reductions: The prevalence of price reductions has increased, with a larger percentage of homes adjusting their prices before entering into contracts. Additionally, the size of these price reductions has also shown an uptick.
Buyers currently have increased negotiating power, as sellers are more willing to engage in negotiations and make concessions. With a stable inventory and a market that offers more time for decision-making, now may be an opportune time for buyers to explore their options.
