The stat they can’t tell you: How many Buyers are in the market

If you wait for the stats to be released, you’re behind the times. Like a good stock broker, an agent who knows their local market and monitors trends will see change coming.
There is no stat for how many buyers are looking, only the number of sales. I monitor all local listings and communicate with colleagues to track quantity of buyers looking. I have noticed this month in New West there is a glut of buyers looking at properties in all categories. Many are proceeding with multiple offers. Many are not. That’s the big clue. When 50+ interested parties see a property, and only a small few make an offer it tells me that there are a lot of willing buyers in the market who aren’t satisfied with current prices. Buyers appear to see $600k+ properties as overvalued. The lower end is still on the rise.
The quantity of Buyers looking indicates we will have good sales volume. The collective caution by the Buyers suggests that we might see a slight further decrease in prices. That will spur some quick sales, which will probably give prices just a little boost. Overall, I expect prices to sustain where they have been the past few months – about %15 less than the peak of 2016.