Summer is here and with it, all the delightfully distracting opportunities for fun! As children, we loved summer for this very reason – less structure, long, languid days by the pool or beach, and lots of time to spend with family and friends. However, as adults, it seems that rather than embrace these magical months, we fight them. It is totally understandable though - it’s hard to balance work, life, and family when two out of the three of these things operate on a different timeline during these months.
Summer is also a time of change and transition. It is a season where we bid adieu to some chapters and excitedly wait for new ones to begin. In my own life, this summer is one of big changes for our family with our oldest headed to college in the fall. This season has already given me opportunities to pause, honor, celebrate and rejoice in this big life moments. The real estate market has slid into a slower, more leisurely pace and while I sometimes struggle with accepting this shift, I know that within it, is a special invitation – a chance to re-assess our year, take an honest look at our life, and decide if any intentional tweaks are necessary to stay on the path that honors who we are and how we desire to live.
The numbers from Father’s Day weekend and Juneteenth reflect this slower pace:
· Showings were down 11% week over week
· 32% of homes reduced their price by 5% to get an offer
· Homes priced between $500,000 - $1M (60% of the overall market) saw a 37% increase in homes being withdraw and 26% expiring, while taking 10 median days to get a contract
· Homes priced between $1M - $1.5M (8% of the overall market) inched closer to having 2 homes for every buyer putting it out of multiple offer territory
· Homes priced between $1.5M - $2M (3% of the overall market) now have 3 homes for every 1 buyer with 37 median days on market
When life transitions propel the market, things move slower. Buyers are taking their time to decide which home to buy because the cost of making a move has increased due to interest rates rising. Sellers need to cultivate patience and understand that they can’t push the market by over-pricing. Although it is hard to accept how our market has changed, I believe it is wise to move more thoughtfully during moments of transition, and to look closely at weekly numbers that are leading indicators of our current real estate market.
Whether or not you are in the market right now, I hope you accept summer’s invitation to lean into its long and lovely days. In doing so, you might uncover a new direction or adventure that enriches your life that you might have missed if you didn’t slow down!