The graphics below compares new two family listings vs the amount of existing two families on the market that sell in a particular month.
July and November (circled) have the closest amount of new listings compared to sold properties in 2019 so far. What does this mean? Inventory is being absorbed better in these months than in previous months. Which can translate to higher sale prices.
This timing is actually a common trend in the capital region and something seasoned investors are familiar with.
At the start of 2019 we had a red hot housing market (and not just for two families) and a major factor for that was due to the housing shortage. Which you will see in the chart below.. we reversed and had almost DOUBLE the sold listings than we did NEW listings in Nov-Dec 2018.
This was due to many factors.. Main one being that sellers believe that we are a cyclical market and that their property will sell better in the spring market. But in reality.. most multi family properties sell BETTER this time of year than in spring. Buyer demand stays consistent throughout the year, so once the winter hits most sellers bunker down and wait it out.. while the smart sellers get their property on the market and take advantage of not competing with as many listings.
2017’s chart just reinforces the point.. Large spike of inventory in the spring (circled) followed by a few months of tapering until we level out.
Be INFORMED and make the best financial decisions!