August 2019 Market Update

The August Lull Strikes Again!

After reviewing the stats from last month, we saw a slower and slower increase and then a decrease in median home price. I wondered whether this was the peak of the market or just the annual end of summer lull when everyone goes on vacation and real estate slows down. However, this month prices went up again!

Prices Are Still Going Up, Why?

I have heard it called, “thinventory”. And that’s exactly right. Inventory is so scarce right now in this county. Take a look at the chart below.

The number of homes available to purchase are at their lowest point in the last 13 years. Unfortunately, that is as far back as the stats go. In major cities across the country they are having a buyer’s market and we’re usually a few months to a few years behind. However, they’re in a buyer’s market because they are building like crazy and we just haven’t had a building boom like we did in the early 2000s. We all thought prices were crazy back then!

How to Navigate the Current Market

What does all this mean to you? It means you need someone you can trust to help guide you through the real estate process. Whether buying or selling, you need to be prepared to act fast but also not give up the farm to get the house you want. I know a guy!