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3 Early Signs the Market is Cooling

The real estate market is starting to show signs of cooling overall but select states, such as Florida, are still hot. Nationally, selling prices are beginning to decline slightly by 0.2% and listings with price drops increased in July by 4.7%, the highest since early 2019. this does not necessarily mean pricing are dropping everywhere or that a reset is coming. This could simply be a result of overzealous real estate agents and owners trying to get more for the property than the market would bear.

Inventory or the available number of homes for sale is beginning to increase leading to a reduction in bidding wars and soaring prices. While the national average supply is now 6.3 months, many parts of the country are still experiencing inventory shortages. Central Florida is currently at 1-month of inventory with parts of the Orlando metro area at less than 1-month.

The average days on market or sometimes referred to DOM (Days on market) has increased nationally but is still only 16 days. Please reach out to us for more information.