Song: Life in the
Fast Lane
I have some brand new information for you all. Something you’ve never heard before: the market is tight right now. Okay, so maybe it’s not news, but you may not know the exact numbers, so I want to fill you in.
As you all know, we’re in a sellers’ market, and we have been for a while. Inventory has continued to decline since 2014, and right now the market is at about a 2.4 month supply. That’s not a lot of homes. To give you some perspective, a balanced market has 5 to 6 months of supply. We haven’t had a June average that high since 2014.
With these low inventories, homes are being bought up quickly, which I’m sure you’ve experienced. The average days on market for homes between $200,000 and $400,000 was just 14 days last month. In January of just this year, that number was at 41 days. Other price ranges have varying numbers but are still declining in average days on market, with homes $200,000 and below at 14 in June down from 33 in January, and homes between $400,000 and $600,000 at 34 in June down from 54 in January.
These tight conditions mean it’s even more important that we are all extending professional courtesies to our fellow REALTORS®. With such a low average of days on market, it’s vital that we’re all making status changes in the MLS as soon as we can. That was an influencing reason why the required time to do so was recently changed to one calendar day in the Heartland Rules and Regulations.
When a timeline to sell a house is as short as it is now, it’s also important to just work together in this hectic market. Be responsive to other agents, and if you have an appointment, make sure you’re in and out on time, because so many other buyers are looking for homes in this sellers’ market.
I want to close by applauding the work you’ve all been doing to serve your clients in this fast-paced environment. This career isn’t for the faint of heart! Day in and day out I have the opportunity to interact with fellow REALTORS® from across the city, and I can tell you without hesitation that our local buyers and sellers have some of the smartest, most dedicated professionals working tirelessly for their benefit. Keep up the good work.
