Inventory made a noticeable drop in September compared to August with a 13% drop. This is typical as we enter into Fall and will likely experience another drop next month. It is clear that the market now is much different than it was in March of this year and the at least 10 years preceding that. The market hasn’t really gone down, but we have entered into a market we haven’t seen in over a decade with homes just taking a bit longer to sell than usual, and more and more price reductions happening as sellers adjust to be more in line with how the market is now vs how it was. I think the most interesting data point from this month’s numbers is the Average List Price to Sale Price difference. Last year, and for many years prior, homes were still selling above their listing prices on average, whereas now they are not. It still happens from time to time, but the new normal is that we are seeing fewer offers on any given property, which decreases the times where many offers drive the prices much higher through greater competition and demand.
