Latest NWA Market Statistics!!
The most interesting thing about this month’s statistics doesn’t have anything to do with the market…there was an error in the calculation for Days on Market for the entire MLS for the month of August, so you will see there is no statistics for Days to Sell this month. I have been told this will be fixed next month.
Overall, the month of August is what we see in general for this time of year. A slight slowdown from the typically more active spring and summer months. Even at that, most had percentage decreases in the lower single digits.
The number of active listings inched up 0.4% from July and expired listings was only up 0.5%. If the market was seeing significant shifts and becoming a buyer’s market, these should be increasing quickly. And the rate of changes in the increases should also be increasing (picture a graph that looks like the right half of a “U”) instead of slowing (picture a graph that looks more like the top half of a “C”).
August had the first decrease in 12-month change in total sales dollars in 16 months. And total sales (both by dollar and by count) had the largest percentage decrease in 2 years. This may be a sign that perhaps the market as a whole is slowing, but not who has the leverage in a transaction. Meaning, the ratio of active buyers to sellers is staying consistent with prior rates in prior years. Months of Inventory is still in the 3-6 range where it has been for the last 6 years. Both are indications it is still a seller’s market.
These are the key takeaways for August in NWA. The residential market is still doing well, but we’ll be keeping eyes on it as always. If you have any questions, reach out!