Welcome to June in the Central Iowa real estate market. My most entertaining number to point out is that we are at exactly 3,000 houses for sale (as of the moment of this writing). We have now consistently been flirting with 3,000 units of inventory for a little over a week now. What that means is that buyers have some reasons to celebrate, and sellers that have been considering selling need to do so now before more and more inventory comes on the market.
The crazy number right now is that we have 3,023 houses pending. That means that they are under contract and someone has said that they will buy them. Number one, we just had the all-time high of 3,154 houses pending. And we are not far below that right now. Number two, we have more houses pending than we have houses for-sale. That number should flip very soon if not later this week.
I predict that by the end of this summer we will have two things: higher rates and higher inventories. You would normally think this is a pretty safe bet. 2016 has been anything but standard so far.
So what does all of this mean to you? If you are a buyer, you are still in hyper-responsive mode and expect fast moving inventory and higher prices. That will begin to slow down now. If you are a seller, you are still in a very strong position to take advantage of a market tailor made for you. Both should use a professional to protect themselves and make sure that they are buying or selling based off of the facts and experience, instead of excitement and emotion. I am that professional. You can reach me at 515.639.0047 or RyanLynch@KW.com
~Ryan Lynch
