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  • Monday market in minutes, inventory outpacing pending sales

    Monday, April 8, 2024   /   by Amy Brown

    Monday market in minutes, inventory outpacing pending sales

    We are way up in inventory! Which tells me...there may be a shift happening this Spring.

    First of all, new listing are up 29.8% for a total of 322 new listings this week across the region. That is a huge difference from last year's numbers.

    AshevilleRegion (4) new list.jpeg

    And while pending sales are up 8.1%, they are not keeping pace with the current number of homes that are coming on to the market.

    AshevilleRegion (4) pending.jpeg

    What this indicates is a shift towards a buyer's market.

    I have had a lot of inquiries this week from sellers, some of which are already listed with other agents, wondering why their homes aren't selling. The numbers are a true indication that we are experiencing a market shift making pricing your property competitively all the more important.

    Total inventory of homes for sale is up significantly from this same time last Spring, up a total of 26.1% during a season when we should be seeing that number fall instead of climbing. Normally, as the Spring market heats up, we should see a decline in the number of homes for sale as homes are generally sold quicker than they can be replenished. That is not the case in this year's Spring buying market. We are seeing numbers rising to equal inventory held during the winter months. 

    Another indication of a market shift.

    AshevilleRegion (4) inv.jpeg

    While we are seeing sales prices climb again after a drop in February, this merely says to me that sellers have not gotten wind of the changes occurring yet. 

    I have seen numerous price drops across the MLS over the past week.

    sales price.jpeg

    The percent of original list price received by sellers is also dropping slightly indicating that sellers are more willing to negotiate this season.

    AshevilleRegion (4) perc of orig price.jpeg

    While the real estate market is always going to have ebbs and flows it is highly imperative to make a move when the market is behaving optimally for your situation. Shifts don't last forever and this one could just be a blip on the radar. 

    However, I do see that this year real estate will be at a much more steady pace without the buying frenzy of previous years. All the more reason to price your home competitively, talk to your agent and heed their advice, and make sure that the agent you choose knows their numbers and can advise you accordingly.

    Have a great day and call me any time with questions! I analyze the market every morning!