Is it a buyer's or seller's market?
Are you trying to sift all the info and figure out what’s REALLY going on?
Stop already. I got you covered.
A BUYER’S MARKET is when there are more homes available than buyers looking.
A SELLER’S MARKET is when there are more buyers looking than homes available.
In general, it’s a seller’s market if inventory is adequate for 5 months (or less) worth of sales. If you have 5 to 7 months of inventory, you have a balanced market, and anytime you have more than seven months’ worth of inventory, you’re in a buyer’s market.
Let's see what that means in our area.
To determine inventory, we take the number of houses for sale and divide it by the number of sales in the past 30 days.
- Homes currently on the market (inventory): 2,356
- Homes sold last month (sales): 475
Divide those and you get 4.96. That puts us — at least for today — in a balanced market.
If you want to talk more about what’s happening in Bay County this winter, send us a DM. No matter the market, we are here to help you reach your real estate goals.
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