Two things jumped out at me this month when I was looking at our data and they're both in the executive and luxury market of $750K and above. For this price point, we have moved to a buyer’s market. We have 16 months of inventory for homes priced above $1M. Another interesting fact, more than half of these homes receive a price reduction after listing. If you are in this luxury bracket, pricing matters more than ever when you list. Gone are the days of throwing a price out there to see if it sticks and if someone will pay it.
If your home is below $750K you are still in a seller’s market with only 4.5 months or less of inventory available. However, we are seeing days on the market rise above 100 days.