It appears that the market has slipped into a seller’s market again now that the prime selling season has begun. The amount of inventory available versus buyer demand has dropped below that magical three-month threshold.
As we head into the Spring selling season pricing is behaving. The numbers are indicating a gradual increase and a leveling out of the original asking price compared to the actual selling price. This is a good sign. Sellers and listing agents are reconciling to the fact that selling prices are not on a straight-up trajectory.
The days-on-market is between 40-50 days in all three counties. Fewer than the last couple of months, but longer than this time last year.
The original listing price compared to the actual selling price sits around 96-97%. This percentage is healthy. The sellers do not have to give huge discounts in order to sell their home, and buyers feel they are getting somewhat of a discount.
My advice to sellers considering a change? Do it. Put the home on the market. Pricing is resilient to low-ball offers, and there are enough buyers to where interest should be moderate to high. As I have written before, make sure the home is ready for the market. No more putting a sign in the yard and call that marketing.
As for buyers, you have to think long-term; at least seven years out. Interest rates are currently attractive. Sellers may have finally considered the actual state of the market; it is slowing and the madcap thinking of a decade ago is finally over.