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Days-on-Market trend up for both active inventory and July sales, with the median DOM for July sales going to 15 days compared to 8 days for the June sales, and the Median DOM for active inventory at the start of August coming in at 43 days compared to 41 days at the beginning of July.
It is clear that the fall in the median DOM for June sales went hand-in-hand with the low sales volume in June, but both seemed to rebound in July which in turn made both trends up. In our market, buyers are still in a highly competitive field for highly desired homes, so when the overall market briefly slowed the buyers did not back down and continued to shop making the median DOM much lower last month at only 8 days. Now for July, there was a resurgence of buyers in the market with plenty of inventory that has sat slightly longer triggering a higher median DOM.
The active inventory’s median DOM followed suit, trending upward, as the inventory that sat after a slow sales month in June has had time to build some time sitting on the market.
If we continue to have months with good sales volume and limited new inventory I expect the median DOM to remain low like it has been for some time. However, I believe if sales outpace new listings we will see a decrease in the active inventory DOM. Additionally, I believe if new listings outpace the buyer demand we will still see (to a certain extent) a low median DOM for sales as buyers will compete for the most desirable homes.
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
