In the past 30 days, we’ve seen a shift in activity that indicates a slowing market. The question to ask – is this temporary, seasonal, or just the normal ebb and flow of markets in general? No markets keep steaming forward indefinitely. Sometimes they slow their step, take a breath, and then steam forward again and sometimes they slow for a more extended period. My suspicion is that it’s the latter this time as we are about due for a shift to a more balanced marketplace.
Today, we have 17 houses on the market in Cheverly – more at one time than we’ve had since July 2017. You can see by the charts below how different this year’s market looks from last year. (Note that November 2018 only represents 4 days.)
Here are just the past 30 days of activity in Cheverly:
- 14 new listings – that’s a lot of new listings, particularly going into Thanksgiving
- 2 back on the market – we are seeing more contracts fall through
- 6 price reductions – price reductions are a harbinger of a slowing market.
- 6 under contract – but as I mentioned, 2 came back on the market. The number of homes going under contract has slowed while inventory has risen.
Only time will tell if this slow-down is temporary. But 14 new listings since October 1st and only 2 under contract in the same time is represents a definite shift. Our real estate news feeds are full of articles about how to deal with a slowing market, so it’s obvious that it is being felt in other marketplaces as well.
As you can see, I track the Cheverly market closely!