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President Sheridan: Life in the Fast Lane

July 27, 2018 in Guest Columns

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’

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.


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