As market conditions shift across the country, it’s important to take stock of how your market measures up.
In previous years, the housing market has continued to see fierce competition among buyers who have a relatively low number of choices when it comes to listings. While the competition has settled as we make the transition from a seller’s market to a buyer’s market, inventory remains low across North America.
Crunching the numbers
When we compare reports from Q2 of 2022 with those from Q2 of 2021, we see:
A 6% decrease in inventory
A 4% decrease in new listings
A 16% decline in sold listings
In fact, the only increase in our numbers from last quarter is in off-market listings, which saw a 43% increase from this time last year.
Why are we seeing such a drastic increase in off-market listings?
According to Inman, the primary reason for both off-market and withdrawn listings is a too-high asking price. Amidst market factors that include increasing mortgage rates, seasonal slowdowns, and the quantity of new listings, an optimistic asking price is liable to do more harm than good.
Part of the bigger picture
Your market may or may not be following the trends that we see at the national level. Regardless, your market is contributing to those trends. It’s important to understand the current market conditions in order to have an accurate idea of how those conditions will change in the future.
It’s critical to use the data and information at your brokerage’s disposal to understand your market. Equally as critical are the tools at your disposal. Solutions like BrokerMetrics®, real estate’s leading data analytics tool, can offer business intelligence that builds on your experience and understanding, helping you generate insight into your market that leads to success.
So, how does your market perform compared to national averages?
During a market reset, it can be a challenging question to answer—but we can help make it simpler. When equipped with BrokerMetrics, agents have access to the data and tools they need to turn the market information into market insight.