As we speculated might be the case in last week's update, inventory hit another small setback this week. Whether it was the holiday weekend, the massive amounts of rain, or a combination of the two, not enough sellers listed their homes to put our inventory back on an upward trend.
Rain is a deterrent for sellers, as it has the potential to seriously limit open house traffic. It can also be a hassle having to clean up your home after people have been tracking water and mud through it all weekend. With that being said, buyers don't seem to be paying much heed to the rain. We hosted two Sat/Sun open houses this weekend, and both were very busy.
We'll see what role, if any, rain will continue to play in our real estate market after this weekend. With more wet weather in the forecast, we might have to wait another week or so to see homes hitting the market with enough frequency to boost our inventory. Or, perhaps sellers will get tired of waiting for clear skies, recognize that buyers are out in force anyway, and list their homes despite the rain.
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