Inventory saw a significant bump this past week, with 19 new homes hitting the market. Factoring out the 12 listings that went pending, that leaves us with 68 homes for sale at the start of the first full week of the Fall season. Last year, we started the first full week of Fall at 46 active listings, putting our inventory at nearly 50% greater than it's 2015 levels. Also worth noting is that in September - October '15, our average days on market was hovering around the 12-25 day range. So far in September of '16 we've been consistently in the 35-45 day range - a direct effect of elevated inventory levels and the resulting decreased sense of urgency among buyers.
The current market presents a great opportunity for buyers to make their moves on homes that have been sitting on the market for several weeks. Sellers whose homes have been on the market for 30+ days (of whom there are currently 25) are likely beginning to feel pressure to get their homes sold. The more fresh new listings hit the market, the harder it will be for them to get the attention of buyers.
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