One question I get asked all the time is, “How’s the market?” It’s a really hard question for us to answer because it depends on a number of different factors.
Every price range has a different market. When we hear this question, our agents will pull a quick analysis of your particular market, which you can see at 0:37 in the video above. It shows all of the homes in a given price range in a given area, as well as the months of inventory.
Generally, six months is considered a balanced market. Anything less is a seller’s market, and anything more is a buyer’s market. In a seller’s market, prices typically have an upward pressure and in a buyer’s market, there’s downward pressure.
For example, take a look at the Edmond market between $100,000 and $200,000. There were 355 homes sold in the last six months, for an average of around 60 per month. There are only 33 properties on the market right now, so we have just 0.5 months of inventory. If you’re in the $100,000 to $200,000 price range in Edmond, it’s a fantastic time to enter the market.
Let’s contrast that with what the market is doing in Edmond in the $400,000 to $500,000 market. There have been 150 home sales in the last six months, which means we’re selling around 25 homes per month. With 122 homes active on the market right now, we have just about five months of inventory.
What does all of this mean? You really need an expert on your side who knows the market that you’re in and what it’s doing. In the lower price ranges, sellers have the advantage, while it’s more balanced in the higher price ranges.
If you have questions about the numbers in your area or anything else related to real estate, feel free to reach out via phone or email. We look forward to hearing from you soon.