The generally accepted definitions of a buyer’s or seller’s market in real estate:
- More than 7 months of inventory (listed homes for sale) is a buyers’ market.
- Five to seven months is a balanced market.
- Five months or less is a seller’s market.
From the looks of this chart (data courtesy of the Arizona Regional MLS), we have entered a balanced market. In reality, the lower end of the market is behaving more like a seller’s market, and the upper end is still very much a buyer’s market.
Will be interesting to see how the next couple of months play out.
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