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Today might be the one day of the year we have exactly as many solds as we have new listings. As reported to the Santa Fe Realtors Association MLS database (a wonderful product named Paragon). as I fired up the tubes in my computer to look at the numbers, there were 18 solds reported and 18 new listings.
Just a coincidence, you say? Well, maybe it is. but this is the time of year we usually turn the corner on the balance between solds and inventory. From the beginning of the year until about now, inventory grows steadily. For example, in all price ranges of residential listings here, we have currently more than 400 more listings now than we had in February this year. Yes, many homes were sold and came off the list, but the new listings exceeded the sold count by that much.
From this point on, we are likely to see a slowly increasing build up of solds combined with a slightly decreasing count of listings for sale. And so the cycle continues as it does every year. The low ebb of inventory and sales is about January and the peak of inventory is about August while the peak of sales is about October. Who cares, right? It doesn’t matter if you take the long view and don’t get too worked up about one month of data or what is going on this exact minute.
Over the last year, we have built an upward trending line of sales reported. We continue to improve year over year and that’s about all a guy can ask for. See the previous post for some thoughts about the quality of the inventory. But this writer will maintain still that we have too much inventory of homes listed for a balanced market, and therefore we still have a buyer’s market. Witness the final sales prices that are put into the database for homes that started out much higher in price. Does that sound like a balanced or seller’s market, when the buyer can still realize a large price reduction over original asking price?
If you are looking for the year-to-date statistics thru the end of July, please plan to return around the 10th of August. It is about on the 10th of each month that I post and update the figures for our market behavior. And if you are looking for an expert in the real estate industry with an honest and hard working ethic, look no further than the author, Alan Ball, who can be reached at 505-470-7153 or by replying with a comment on this blog/site OR what the heck; send an email and describe what you are looking to accomplish.
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