Active inventory trend shows more homes coming on market
It’s not a quick return to balanced market conditions. Still, the month-over-month trend continues showing more homes are being added to the NE Tenn. – SW Va. active inventory.
September was the sixth straight month active inventory has increased. The trend is moving very slow, and total active inventory continues lagging last year’s monthly totals. The encouraging sign is this year’s monthly total is growing while last year’s monthly totals were declining.
September’s active inventory was the best it has been this year but 18.6% less than what it was in September last year. The year-over-year deficit peaked in March when the active inventory was 56.1% of what it was in March 2020.
If the trend continues at its current rate, the region could see the year-over-year comparisons move to a positive indicator by the end of this year and the early run-up to the prime 2022 buying and selling season. That’s good news for buyers and buyers’ agents who have been and are frustrated with what’s on the market.
Of course, some who have been stymied trying to compete in the uber-competitive market will likely see September’s slight softening of prices and inventory increase as a green light flashing that buyers have a little better position than they did earlier this year. That’s true in some cases, but most experts expect that we’ll remain in a sellers’ market through next year.
NETAR is the voice for real estate in Northeast Tennessee. It is the largest trade association in the Northeast Tennessee, Southwest Virginia region, representing over 1,600+ members and 100+ business partners involved in all aspects of the residential and commercial real estate industries. Weekly market reports and information for both consumers and members are available on the NETAR website at https://netar.us