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Increase in Pending Contracts month-over-month despite an increase in Active Inventory! June started with 82 Pending Sales whereas July started with 88 Pending Sales.
A 7.3% increase in Pending Sales is typically good news, but when compared side by side with a 30% increase in Active Inventory month-over-month it is clear to see that our supply has temporarily outpaced our demand. Granted, we have not exactly been in balance when it comes to supply and demand, so you might view an increase in inventory and steady pending sales as an indicator of a leveling market. However, once you review my Residential Sales Report for July (coming soon) you will see that closed sales did not keep pace but fell by drastic levels in June, so leveling is debatable.
From where I am sitting, it seems to me that we have a mid-summer lull taking place! With a Fall in Closed Sales, Rise in Active Inventory, and Modest growth in Pending Contracts everything adds up to less movement and a sluggish environment. Is this true for every portion of the market? Absolutely not! Homes in ideal price ranges, locations, and great condition are still moving as quickly as in recent history. Overall, I expect movement to pick back up in July and August Sales, however Inventory may take a few months to dwindle down from the 30% increase that just occurred, but I don’t expect to continue to see drastic increases like we did to start July.
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
