May 12, 2014
We continue to see movement in the market, with median sale priced homes selling quickly… all much better than 2 years ago. Aggressive pricing remains an issue as inventory is up in most price points 75% higher than just 6 months ago. The higher the price, the longer homes are sitting on the market. We continue to see price reductions in all price points across the board. For example this morning when I checked the MLS hot sheet (which indicates new listings, back on the market, price reductions, pending sales, and Sold properties), the amount of properties just in escrow was ½ of the amount of new listings. The number pf price reductions were 25% higher than the amount of new listings, and Sold properties. This is NOT doom & gloom; we are in a healthy market with a good amount of sales each day. Inventory is the issue which has pushed prices down, and will continue to do so, until sales pick up. Because of this we may see very good (off season) springs & summer sales, as buyers know the crème of the crop pickings are put there.
Finally… it is important you keep your home looking stellar, and ready to show at any moment.