August 2023 Market Update
The momentum meter indicates that the number of sold properties for July 2022 and July 2023 remains steady month over month. However, there is a notable 23% increase in inventory during the same period. The inventory level has reached its highest point in the last 2 years. As a result, this may exert pressure on property values and lead to an increase in the average time properties stay on the market for listings.
Seller’s market = four months of inventory or less
Balanced market = four to six months of inventory
Buyer’s market = six months or more of inventory
If 100 active listings are available in a month, and 20 homes sold in the that
same month, then there is approximately 5 months of inventory.
