Market Update October 14th, 2024

The brief surge in demand observed during September is beginning to wane, with the number of listings under contract now somewhat lower than in late September. Meanwhile, active supply continues to grow in line with seasonal patterns. This gradual increase in inventory is slowly shifting negotiation power into the hands of buyers.

If this trend persists without any significant changes, we are likely headed toward a buyer's market. The Cromford Market Index (CMI) has already dropped below 94, a level that typically indicates a market favoring buyers. This decline suggests that current conditions are beginning to tilt away from sellers, providing buyers with more leverage.

Under normal circumstances, we anticipate supply to rise throughout October and well into November. However, after Thanksgiving, the supply usually starts to fade, closing the year at noticeably lower levels. This seasonal reduction in supply could potentially impact market dynamics as we move into the new year.

Given these trends, buyers may find increasing opportunities for negotiation in the coming weeks, while sellers might need to adjust their expectations accordingly. Monitoring these market developments will be crucial for all stakeholders as we approach the year's end.

Rates have been stabilizing in the mid 6's so we will see if this remains while we enter into the election cycle and see how the markets react afterwards into the holidays. 

“Real integrity is doing the right thing, knowing that nobody’s going to know whether you did it or not.”
― Oprah Winfrey

Have a great week everyone!