Bethesda 20816 Market Update
Inventory continues to be driven down and as you can see by the blue bars it’s quite a bit lower than it’s been! There is a bit more active on the market that just came on last month as noted by the orange bar but there are more contracts (gray bar) and more sales (turquoise bar) than this season last year. It is nice to see that a seller had more than a 50% chance to sell last month – a great improvement over those months where only 1 in 4 houses had the opportunity to sell.
So what does it mean? Why if this demand is here is price not improved as is evidenced by the chart below? We still don’t have enough pent up demand on the buyer side to equate to a stronger seller’s market. In some price ranges there is clearly not enough inventory but overall we have not seen the market correction happen that will shift from a very clear buyer’s market into a seller’s market. The first graph is for the combined quartiles and we can see a slight uptick. By looking at the quartile trends below that we can see that the under $1M market is pretty flat with more of the decline happening in the upper brackets. It’s helpful to know what your segment of the market is doing so you don’t make an assumption that applies to the larger market instead of your more narrow band. Good for buyers to as they try and figure out what to offer… Many have been surprised lately to see that they are going to be in multiple offers for property in the midst of what they consider a strong buyer’s market! Not all price tiers behave the same way.
Let’s watch this price trend closely to see if that little uptick we are seeing over the last week lasts or not…
However if this market action index trend continues upward and gets over 30 then we’ll see a shift in prices as demand starts to outstrip supply. Keep watching in Market Trends to see what happens!
Source: MRIS
Information deemed reliable but not guaranteed
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