REINCheck

[MUSIC]

VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist, at REIN where you get the latest member news and information delivered straight from the source, REIN MLS.

[MUSIC]

Andrea Rice [00:00:20] Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we're checking in with REIN's Data Specialist Josh Garbin to discuss mid-year stats and see how this year is shaping up compared to last year. So, Josh, thank you so much for being here with us today.

Josh Garbin [00:00:36] Glad to be here. Thanks for having me on.

Andrea Rice [00:00:39] It's always fun to have you on and talk a little bit about stats and what's going on in the local housing market. So can you start by giving us a little bit of a mid-year recap? What do the numbers tell us and how do these numbers compared to last year?

Josh Garbin [00:00:56] Certainly. So, we just published recently our most recent stats. Taking a look at year to date, we had about 17,000 listings entered overall. Now, this is both residential and commercial apartments, so any listing that was entered. There were about 17,000. What's interesting is this is down year over year. But of course, we've had historic low inventories. There are about 14,000 residential listings that were marked as sold. Following another trend, it's down year over year. Again, it's the same. We've been seeing lower inventories. That's not surprising. When looking at pending listings, the trend is the same. Down year over year. But there are about 14,000 listings marked as pending in this year alone and those are residential listings.

Andrea Rice [00:01:40] Ok so definitely still some low inventory there, right?

Josh Garbin [00:01:42] Yes.

Andrea Rice [00:01:44] And, you know, interest rates started to increase in late April, early May. They're still going up. Do you see anything that would indicate that rising interest rates are having an impact on local home sales? Or is it too early to really tell?

Josh Garbin [00:01:58] Well, we said just a moment ago that there is a slight slowdown in number of sales, but that is just because we had lower inventory. We're not seeing as historic a number of sales, but I think we'll still have a pretty high amount of sales. Months' supply of inventory actually has been seeing a little bit of an upward trend in the past three months. It's been well under one for a while, but last month it was reported to be 1.10. And what MSI or months' supply inventory is basically it takes a look at our market and says if there are no active no more active inventory, nothing is added, how long would it take for the inventory to be completely sacked? So it was well under a month and now we're just above one.

Andrea Rice [00:02:41] That's still really one is still, prior to pandemic, that would have been considered low. That's really low.

Josh Garbin [00:02:48] Right.

Andrea Rice [00:02:49] So, still really low. Don't they usually say five or six months is a healthy market?

Josh Garbin [00:02:56] It's called a balanced market. So six months is that magic number. So anything above is a buyer's market, which means there's a lot more inventory to choose from. And that's driving. When we're in a seller's market, that's below six, and that's when demand is higher than supply.

Andrea Rice [00:03:17] Yeah, interesting. So what else are you seeing in this first half of 2022?

Josh Garbin [00:03:23] Well, what I am noticing is just taking a look over all one of our charts and graphs that we have on REINMLS.com, our average days on market for all off market I sometimes notice a couple of trends and I noticed that despite it being a year removed from our pandemic year, it was exhibiting a lot of the same beats 2021 and it looks like maybe 2022 is going to be doing the same. What I mean by that is, typically, you know that our summer season is our busiest season. So days on market are typically lower, but it tends to days on market tend to go a little bit higher when it comes to the end of the year towards January. And we saw that, albeit not as big, specific trend happening during those months last year and it looks like we might be exhibiting the same. I have to wait a couple more months for that to come in, but it definitely looks like we're almost back to a quote-unquote normal, albeit that we have, again, lower inventory.

Andrea Rice [00:04:23] Interesting. And for those of you listening, Josh did share that graph and that image with me earlier. So definitely do go to REINMLS.com and check out some of these graphs to get a visual of what he's talking about here. It's really interesting. Josh, do you have anything else you'd like to add before we sign off? Any parting thoughts, tips, anything for our members?

Josh Garbin [00:04:46] Yes. Where we were talking about all these reports is located on REINMLS.com. Once you're logged in, you want to hover over resources and choose REIN statistics and maps. And when you scroll down, you'll find the latest statistics report, the latest quarterly reports. But under the monthly charts and graphs is where I was mainly talking about. And we also have some stat reports that are broken down by city, distress charts, annual charts, but you also have Domus Analytics. It is a great tool that you can use to generate your own stats and also in Matrix there's an area where you can generate stats as well.

Andrea Rice [00:05:26] Yeah, awesome. Definitely go and check that out. And we actually did a podcast on Domus Analytics not long ago, so you can go back and listen to that if you're not familiar with that program. Well, thank you, Josh. That was a lot of great information. Hopefully, we can have you back at the end of the year to have a 2022 recap. And thank all of you for listening. I hope you enjoyed this episode of REINCheck. And if you have missed any of the previous episodes, I do invite you to go to REIN MLS.com/podcast to take a listen. And don't forget to subscribe so you can get the latest episodes delivered directly to you when they are released. Thank you and have a great rest of your day.
[MUSIC]

VO [00:06:03] You've been listening to REINCheck with Andrea Rice stay in the know from those who know delivered straight from the source, REIN MLS.

[MUSIC]