Here is what we are seeing in the local marketplace...
Month-Over-Month:
The number of available Active Listings went up by 4.8% and Listings Under Contract/Pending were up 7.3%. Closed Sales were down 4.9% which, when combined with the increased inventory, caused Months of Supply to rise. Still an overall Seller's Market.
Year-Over-Year:
New listings were up 38.4% which contributed to an overall increase for available inventory. The number of listings in a Pending / Under Contract status was up 2.9% which, when combined with the increased inventory, led to a decrease (cooling off) in the Pending. Although Closed Sales were up 0.09%, Months of Supply is higher by 37.5% (+1.2 months) compared to last year.
As a result of increased competition for sellers, Price Reductions were up 6%. Also, 46.4% of all Closed Sales and sellers continued to receive less of their Original Asking Price. In addition, Days on Market were up +42.2% to 46 days overall and the number of sellers who received 100% or more of their Original List Price went down 1.4%. Finally, Failed Listings were up 7.9%. The percentage of closed sales which included Seller-Paid Concessions was to 43.3%.
Although the market is continuing to tighten, the Median Price still rose by 6.8% over last year to $379,750.
In summary, seller competition continues to rise with strong pressure to ensure condition and original list price are in line with the market. On the flip side, savvy buyers are benefiting from more choices, longer marketing times and more seller negotiation.
