A Market Slowdown or Brief Respite?

A realtor playing Jenga with a house on top.

For months, I've been speculating that the white-hot, incendiary housing market might begin to cool down sometime around Memorial Day. I wasn't suggesting that local conditions were suddenly going to transition in such a way that it would become a buyers' market. It will absolutely remain a market benefitting sellers for the next couple of years. However, it made sense that things would begin to soften as a result of time passing and, with it, some key metrics.

Sure enough, in the past few weeks, we've seen an uptick in the number of vaccinated Americans and a rise in the mercury encased in narrow glass tubes. By extension, the number of properties listed for sale has begun to, slightly, increase and the number of buyers demanding entry into homes newly listed for sale seems to have, slightly, decreased. As a result, we're seeing properties selling with fewer offers and at valuations that, while still over asking price, aren't nearly as stratospheric as that which we've been witnessing.

Now, it's important to weigh these phenomena against the very strong possibility that buyers aren't abandoning their search and, instead, are simply enjoying a brief respite at the beach. The market always dies down for a few days both before and after the three major summer holidays. Cum hoc, ergo propter hoc, right? Well, we won't know for another week or so and I look forward to sharing my observations.

That said, I don't need a week to decipher some of the personal data which helped our team to understand and justify why it is that we're so exhausted. We concluded the month of May having sold more than $11,000,000 worth of real estate, our best month ever. Year to date, we've sold more than $41,000,000 in property, an increase of 109%. We still have several busy months ahead of us and we look forward to working with our clients to see how much more opportunity we can exploit on their behalf.

If you're thinking of buying or selling, feel free to give me a call. I'd love to talk about your personal needs and how we might be able to help you! Thanks! (585) 330-8750

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