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September starts with a noteworthy decline in active inventory, dropping from 135 in August to 123 at the beginning of the month. In contrast to 2022, when inventory increased from August to September (149 to 176), this year shows a persistent shortage of supply, with a 26-unit deficit compared to last September.
One factor contributing to this shortage is known as the “lock-in effect,” where homeowners are reluctant to relinquish low-interest rates and affordable monthly payments. While this is not entirely the case for all homeowners it does seem like a likely reason some may be hesitant to list/sell their home.
Another significant shift is the year-over-year change in months supply. In September last year, we had 3.6 Months Supply (176 Active Listings, 49 property Sales). Presently, we have dwindled to just 2.3 Months Supply, indicating heightened demand and increased market competitiveness.
If you are looking to sell your home right now, you should have comfort knowing that your home is highly likely to attract more eyes as competition has slightly dwindled while sales shifted up both month-over-month and year-over-year. Stay on the look out for my Residential Sales Reports later this month for more information on that.
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
