Shifting market?
November 2, 2018
In the past 30 days, we?ve seen a shift in activity that indicates a slowing market. The question to ask - is this temporary, seasonal, or just the normal ebb and flow of markets in general? No markets keep steaming forward indefinitely. Sometimes they slow their step, take a breath, and then steam forward again and sometimes they slow for a more extended period. My suspicion is that it?s the latter this time as we are about due for a shift to a more balanced marketplace.
Today, we have 17 houses on the market in Cheverly ? more at one time than we?ve had since July 2017. You can see by the charts below how different this year?s market looks from last year. (Note that November 2018 only represents 4 days.)
Here are just the past 30 days of activity in Cheverly:
- 14 new listings ? that?s a lot of new listings, particularly going into Thanksgiving
- 2 back on the market ? we are seeing more contracts fall through
- 6 price reductions ? price reductions are a harbinger of a slowing market.
- 6 under contract ? but as I mentioned, 2 came back on the market. The number of homes going under contract has slowed while inventory has risen.
Only time will tell if this slow-down is temporary. But 14 new listings since October 1st and only 2 under contract in the same time is represents a definite shift. Our real estate news feeds are full of articles about how to deal with a slowing market, so it's obvious that it is being felt in other marketplaces as well.
As you can see, I track the Cheverly market closely!
A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012
Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."
Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.
Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.
