Everyone is talking about it. The real estate market has been phenomenal. And there’s no doubt that it still is a great market. We are flush with buyers and many homes are selling within days of hitting the market.
But many people are asking the question, “How long will it last?”
And while we can’t tell what will happen in the future for sure, what I do know is that changes usually start slowly and if we look carefully, we’ll see the signs ahead of time. But you can’t see changes under a microscope unless you are looking under the microscope.
So at the end of every month, I sit down at my desk and crunch the numbers. How many days did properties take to sell this month? Was that different than this time last year? How many showings did properties have on average? Are they getting more showings, less or the same this year?
Markets are rarely static. They either go up or they go down. If we are smart, we are watching for those shifts.
Expired listings are a great data point to monitor because they correlate so well with the health of the market. And as you can see in the infographic below, for the first time in 6 years, expired listings have increased in Cary.
And that’s not the only change I noticed. Prices over the last year have been increasing as high as 10% over the previous year. But when I ran the numbers this quarter, those increases appeared to cool significantly. Instead of 7 or 10%, I am seeing tenths of a percent.
These changes don’t mean that the market is definitely shifting downward. It could just be a little blip brought on by the upcoming election, or many other factors. But in order to know for sure, we have to follow the trends and see if they continue.
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