For the first time since the beginning of February, our average sales price was lower than our average list price. 5 of the 8 closed sales this week sold for less than their original list price, and 2 sold right at list. Only one home sold for over its list price (and it went way over).
Things have been trending in this direction for a while now, and the 32 average days on market for sales this week help paint the picture. The market shifted in the Fall of 2018 to adjust to higher levels of inventory, and as a result many sellers had to temper their price expectations. While this has been going on for a couple months now, it is now becoming more noticeable in our weekly market statistics.
Despite more homes being listed than sold last week, inventory actually dropped. This is because 7 homes were pulled off the market, which is to be expected of older listings as we approach the holidays. In the weeks to come, I would expect to see more stale listings pulled off the market, as sellers wait out the holiday season and relist in 2019. Stay tuned.
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