Wondering whether you should list your home for sale this year? I just talked to a woman last night who said she heard the market is starting to slow down. That may be, but the biggest cause of the market slow-down isn’t lack of buyer demand, it is lack of inventory!
What I think is the biggest indicator of market demand is months supply of inventory… the number of months it would take for the current supply to be sold at the current rate of sales. The chart above shows how low that supply has been over the last 12 months… significantly lower than the same month the year before, with an average 2.5 month supply for the last 12 months.
The market is considered balanced when there is a 5-6 month supply. We are currently in a consistently strong seller’s market… a good time to sell regardless of the time of year because of buyer demand. That is why prices keep going up.
Of course conditions vary by location and your home itself. It is currently a seller’s market in price ranges under $500k… a balanced market in the $500k-$1M price range… and a buyer’s market in price ranges over $1M.
Contact us to get together and discuss your unique situation. It is the right time to sell only if it is the right time for you.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com – 612-419-0560
