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Decrease in Pending Sales month-over-month, going from 88 at the start of July to 83 at to start of August! What does this tell us about the outlook of our market conditions?
The -5.7% decrease in Pending Sales is not significant, but it can be viewed as a great tool to predict Closed Sales volume in the coming months. After having a 45% increase in active inventory over a two-month time span, a decline in pending sales does not show up as an encouraging sign of keeping inventory levels stable. Instead, we may expect an increase in inventory levels if new listings continue to outpace buyers purchasing.
Depending on what side of the coin you are on, a decline in Sales Closing and Rising Inventory could be a joy to your ears or painful to hear.
If you are looking to sell your home, you should know that the inventory levels still remain low, but are trending towards higher levels which will result in your home competing against more homes active on the market.
If you are looking to buy, you should know that inventory still moves fast and that our inventory levels are still historically low, but there are more options on the market now than there have been in recent months.
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
