Berkley is currently tilted toward sellers, with the market gauge reading 19 and labeled a seller's market. Months of supply sits at 3.9 in this rolling three-month view, far above last year’s level but still short of a true buyer’s market. Homes are taking a median of 26 days to go under contract, showing that properties are moving at a steady but not frantic pace.
Prices have inched up compared with a year ago, with the typical home value rising about 4 percent year over year in this rolling three-month period. At the same time, the share of homes selling above list has dipped slightly versus last year, now at about 43 percent, which suggests buyers may have a bit more negotiating room than before. Inventory has expanded modestly, with active listings up around 7 percent year over year, and new listings are higher as well.
Demand, however, is softer than last year, with homes sold down more than 20 percent year over year even as pending sales are roughly flat. The balance of more supply and cooler sales volume explains why Berkley feels less overheated than in past cycles, even though sale-to-list ratios still average just above 101 percent. In this type of shifting market, Agent Pronto can connect both buyers and sellers with an experienced local agent who understands the current dynamics and how to navigate them effectively.
