Let’s talk about the market over the past month through the numbers and dissect what that means for us.
We saw and increase in listings. This means there was more inventory from buyers to choose from. Sellers have more to compete with when getting their home listed.
The amount of transactions under contract was down from last year, which can mean a few things- there could be less buyers, there could be higher interest rates(something to talk to your lender about), service providers could be booked out causing delays in listing or closing.
There was almost 4 months of inventory(listings) on the market in August to give some perspective to the kind of competition that sellers are facing. This is why they start using terms like ‘buyer’s market’, because it’s like the buyer’s have more to choose from.
Information and statistics derived from Northwest Multiple Listing Service.