Transitions - Has the housing market begun to transition? Since 2020, we haven’t really experienced a seasonal market. Rather, it’s been a short supply of available homes that created high demand. Number of homes for sale barely broke into the teens all year. In June, we rose to over 30 available, and now, near the end of July, we’ve surpassed 40. In a slight reversal of trend as evidenced in the chart below, year over year, single family home listings are up 11% and sales are actually down 13%. Are we ever so slightly transitioning? There are some key indicators that contribute to some homes staying on the market while others literally sell in a weekend. There are also external factors in play that are influencing the market including confusion over new regulations, disappointment in rates not dropping as anticipated, and fatigue from the frenzy. Make no mistake - at this juncture in July, our market remains healthy. However, like the first reddened leaves of Autumn, there may be signs of change to come. I’d be happy to discuss this in greater detail. Don’t hesitate to call, or subscribe to my newsletter. ©2024 Coldwell Banker Realty. All rights reserved. Coldwell Banker Realty fully supports the principles of the Fair Housing Act and Equal Opportunity Act. Operated by a subsidiary of Realogy, the logo are registered service marks owned by Coldwell Banker Realty. Not intended as a solicitation if your property is already listed by another broker. Real estate agents affiliated with Coldwell Banker are independent contractors, sales associates, not employees. Coldwell Banker Realty 1 So. Finley Avenue Basking Ridge, NJ 07920 Marie Young Sales Associate Lic. # 0565487 908.938.2525 Cell 908.766.0808 Office www.marieyoung.net Transitions Basking Ridge - Bernards Township Spring Summer Autumn
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