The Territory Has More Homes For Sale Than It Can Sell, And More Keep Showing Up

Across the 15-zip territory, the four weeks ending August 31 closed with 63.4 months of supply, 279 price cuts in the final week alone, and 288 new listings that still outpaced them.

This is a buyer's market, and it is getting more buyer-friendly by the week.

Every measure of supply in this territory points the same direction. Active listings stood at 4,214 homes against just 62 sales recorded in the trailing four weeks ending August 31. Run those two numbers together and you get 63.4 months of supply, the length of time it would take to sell through everything currently on the shelf at the pace homes are actually closing. That is a stock far beyond what 62 closings could work through in any normal stretch.

Sellers are responding to it. In the single week of August 24 to 31, 279 listings across the territory took a price cut. That is a lot of downward repricing happening at once, all in the same seven days.

But in that same week, 288 new listings arrived, still outnumbering the cuts. Sellers are trimming price to move what is already sitting on the market, and the territory keeps adding to the pile regardless.

That is the real story here. This is not a market working its way through a glut. It is a market where the glut holds steady even as sellers work harder to sell into it. Price cuts and new supply arrived at nearly a one-to-one clip this week, which means the reductions are keeping pace with new listings, not gaining ground on the 4,214 homes already sitting active.

The territory's median list price sits at $384,445, and the typical home on the market carries a median 65 days before anything happens with it. That is not a market where a seller names a price and watches offers arrive within the week.

If you are buying, this is the leverage you have been waiting for. With 63.4 months of supply on the shelf and 279 sellers cutting price in a single week, there is very little reason to pay full list and even less reason to rush a decision. Ask for concessions. Ask for time to think. The numbers back you up.

If you are selling, price to the market you are actually in, not the one you remember from a year or two back. A median 65 days on market and hundreds of competing price cuts every week mean a listing that opens high simply sits longer while newer, better-priced competition keeps arriving behind it. Getting the number right at the start beats chasing it down later, one cut at a time.

What would tell us this is turning is straightforward to watch for: new listings dropping below the weekly cut count, or the months-of-supply figure actually shrinking instead of holding near this level. Neither shows up in the numbers for this period. Until one of them does, this stays a market that rewards patience if you are buying and realism if you are selling.

Questions about what any of this means for your street or your listing plans? Reach out any time.

April Aberle