Pandemic effects, economic uncertainty and seasonal slowing have all combined to create a uniquely weird real estate market. Let’s begin with the fact that the entire market is functioning well below what would be equilibrium for an area of this size and population. While we’ve never seen the inventory of homes available for sale anywhere near the current levels, low inventory is just one of the factors at work here. We’re also seeing a dramatic shrinking of the buyer pool, as the laws of supply and demand raise home prices, and stiff competition limits participation to buyers able to make very attractive offers. While home prices will most likely not decline with anything short of widespread economic difficulty, it’s probably going to take time and a sustained and broad recovery to bring the market back to anything approaching long-term stability. We’ll likely be seeing current conditions extended well into 2022.