Where do we go from here?

Historically the fall, especially Q'4 has proved to be an active time of year for our local real estate market. To some this seems counterintuitive. However, we're seeing some positive signs that the trend may continue:

Increased pending contracts, buyers demand increasing, new listings and active listing decline, new listing to pending ratio above 60, price drop to price increase ratio declining. Looking at the August 4.7% increase in pending properties YOY, another positive sign should be in September and October with most of these property sales closing.

We reached our peak of inventory on 6/30/25 with 18,146 active listings in the metro, we’re now at 17,424 active listings. With new listings entering the market,  declining and pending contracts rising, we are seeing a slight decline in current inventory. Leading indicators of what we can expect are reflected in our new listing to pending ratio and activity index. New listing to pending ratio is currently at .69, meaning for every 100 properties that come on the market, 69 go off the market. Essentially while we’re growing inventory, it’s at a slower pace. Our activity index at 19.6% which reflects the rate of absorption of all inventory. 

Yet the fact that pending properties increased YOY and prices increased YOY suggests we may have seen the bottom of the market. Good news for buyers is that there’s still a lot of properties to choose from and sellers have been willing to negotiate. For sellers less inventory means less competition, and increased buyer demand is good news. It’s encouraging to note that in August both average and median prices increased month over month and year over year, demonstrating that the market is regaining strength.

Average :5.7% MOM, 6.4% YOY

Median: 5.3% MOM, 4.8% YOY

It’s good to have some positive signs in market activity. What happens going forward or course remains to be seen and will depend somewhat on interest rates and economic conditions.