A Time to Sell, A Time to Buy, A Time for Both

By
Real Estate Agent with HomeSmart SA561034000

For years buyers have been crying out for more supply. Their wish is finally coming true. In the last 7 days we saw more than 3,000 listings added to the ARMLS residential database for the first time since 2010.

With demand dropping below normal, this torrent of new listings is growing our active inventory at the fastest rate since 2005. If you can afford the new interest rates (or are buying with cash), there are suddenly a lot more homes to choose from.

Look out for a list price cuts as sellers start to realize they have to be more realistic if they wish to compete. Asking for concessions is no longer a joke.

Sales price weakness is still a few months away, but asking prices are starting to look a little wobbly.

Comments (6)

Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Very interesting and your post is one of the first I have seen to show increasing inventory.  Your clients are lucky you are on top of your market so well.

May 17, 2022 03:26 PM
Vinnie Vacca

Yes, change is in the air here in the Phoenix area. Active supply is up 40% from this time last year, but all that gain has been achieved over the last 6 weeks with an increase of 45%.

May 17, 2022 04:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Vinnie, we have seen our inventory go from 2,000 to 4,000 in one month, finally!

May 17, 2022 05:22 PM
Vinnie Vacca

Wow! That's still crazy low! I hear that Denver is on fire.


 

May 17, 2022 06:14 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Vinnie and great information you are sharing in your blog with us here in the Rain.  Make it a great day!

May 18, 2022 09:08 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

We are seeing a slight increase in inventory over last month, but we still have a long way to go before we see the correction taking place.  We are ready!  Bring it on!

May 18, 2022 10:06 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Thet spike in inventory may be a spring push in some areas and as sellers realize that the pie in the sky is unattainable the prices will also drop

May 19, 2022 07:36 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

We are in a similar market and I have literally cited May 20 as the day our Charlotte market changed in 2022, Vinnie. I see our dates are not ver far off but, as you said, we've all been complaining about lack of inventory so, there IS good news in our market for home buyers!

Jul 31, 2022 12:28 PM