Last month we covered the market updates that indicated that buyers are becoming more powerful in the current real estate market. This month we see a continuation of that trend. Here’s the update:
* Note: Information presented here is deemed to be reliable, but is not guaranteed!
Average and Median Sale and List Price
While the Active Average and Median List Prices are still on the rise, Pended and Sold Average and Median List Prices continued to slip. We’ll put that into context in a moment…
Listing Inventory has been dropping since September, which would suggest that buyers have fewer options. Normally, reduced supply would coincide with increased prices, but guess what: we actually have fewer interested buyers. I’ll make that case soon…
Days on Market
How long does a listing stay on the market when Sellers have the control? Not long. We’re still doing much better than back in February of last year, but we’re creeping up. With Average Days on Market of 80.9 and Cumulative Days on Market of 88.1, sellers need to make a better base to move their properties. The “Cumulative” is what matters.
Sale to List Price Ratio
This is where the case is most clearly demonstrated: While the Sale to List Price Ratio is up (97.6%), the Sale to Original List Price Ratio continued down, yet again, to 94.5%. That’s right: the average reduction in sale price from the original list price was 5.5%. If you were looking at a $200,000 property, you’d stand a decent chance of making it “home” for $189k.
Even with fewer properties competing for your attention, Sellers are giving more at the closing table to get out of the market.
Are you feeling a little more powerful now? I hope so :).