"As expected, the main storyline here is the increase in inventory. It’s an eye-popping 48% jump year over year. Call it 50% if you prefer using round numbers. On the other side of the equation, the number of homes sold increased by 12% year over year. However, it’s quick and easy math to see that the increase in listings is happening at 4 times the rate of the increase in homes selling. Not surprisingly, the data shows that Sellers are adjusting their asking prices more this year than last to attract an offer – at an average of 2.5%. Simply put, Sellers are pricing their homes too high. They haven’t received the memo yet. Once Sellers find the right listing price, however, they don’t have to negotiate off quite as much as last year, and days on the market remains about the same. Average selling price is still close to a million and is up 6% from last year." REALTORS® at Madison & Company Properties | | |
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