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Days-on-Market trends are down month-over-month, with median DOM sales dropping from 13 days in May to 8 days in June and the median DOM for Active Inventory dropping from 44 days in June to 41 Days in July.
The downward trend in DOM for Residential Sales holds true Year-over-Year as well, with June of 2022 having a median DOM of 14 days compared to the 8 days in June of 2023.
To dissect the data and understand it more deeply we need to look at both the active inventory median DOM, the June 2023 Sales’ median DOM, and our current active supply of inventory. We saw an increase in active inventory to start July which was accompanied by a fall in sold properties in June. As a consequence of the increase in new inventory coming to the market in June that did not sell at a volume as high as in recent months our active inventory’s median DOM fell by 3 days, but what is intriguing to see is the median DOM for June sales fall nearly in half. The reason for the fall in median DOM for sold inventory in June can be credited to buyers going after new homes to market more aggressively than current sitting inventory.
What we can take away from this:
Buyers, you may hold an advantage going after properties that have been sitting on the market longer, but if something is freshly listed on the market you need to put your best foot forward and be prepared with all documents in order to make a good offer.
Sellers, if your property is currently sitting stagnant on the market it may be time to look at your pricing strategy and adjust to the current climate of the market, additionally if you are thinking of listing your property price aggressively and draw in more buyers or you may run the risk of your home falling stagnant like many others.
Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market, there are many that differ on the local level. So whenever you need to know about the local market contact me!
Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty
