It appears that the market has changed.
It’s just before March Break 2022, and I’ve been doing a LOT of research on the Milton market. I looked at the most recent list of sales in Milton, plus cancelled listings, price changes and every other status change I could think of.
The biggest market statistic right now? For the homes that held back on offers, 38 homes didn’t sell on offer night, and 43 did sell.
Basically coin flip odds.
That’s a HUGE adjustment, because 30 days ago, it would have been more like 80 homes sold and one didn’t.
More things I noticed:
#1: Some homes raised their price, and it worked!
13 properties didn’t like what they saw on offer night, and RAISED their price (and are still currently listed). Four additional homes successfully sold after RAISING their price.
#2: Some homes lowered their price… let’s see what happens!
Eight properties lowered their price. A few of these are holding back on offers, but most are just a new & lower price.
#3: Rising inventory levels will create balance
Last week, 123 properties came on the market. In the 2017 market that peaked in the second week of March, we were averaging about 160 homes per week. It feels eerily similar right now.
The news loves to talk about “the market” in general terms, but the truth is there are MANY different markets within a geographical area.
One-bedroom condos could be doing something completely different than two-bedroom condos. Medium-sized semi-detached homes could be red hot, while smaller semis are struggling.
What we’ll see in the next few months are little micro-markets that are doing VASTLY different things.
Good advice is important in any market, but it’s REALLY REALLY important in this market.
Despite everyone’s best efforts, you might do all the right things and not get an offer you like right away.
Be patient, wait for the right opportunity if you can. But you may have to dust yourself off and try again (like the Aaliyah song).
It’s just the way it is right now.
The transitions are tough.
What can Sellers and Buyers expect in the next few months?
Sellers will either fall into the “wait it out” or the “get desperate” crowd. There will be more variation in sale prices. Comparables won’t mean as much as the current competition on the market.
Buyers will either play by the old rules and give you a great offer, or they’ll lowball you like crazy, thinking they’re going to scoop a deal.
Make no mistake: the market is still REALLY good for Sellers.
It’s just adjusting from going PLAID Speed back down to Ludicrous Speed, and likely settling firmly into Light Speed. We still have an environment where we have less homes than people who need/want them.
If you remember Spaceballs, you’ll know what I’m talking about. If not, check this out.
Have a great week, and if you ever want to chat about your options just reach out.
We’re here to help.