December & Year End Market Update
The December Market numbers, as well as the year end data, are out and and the market shift we've been discussing appears to be about over!
The rise in inventory that has been occuring the past few months is coming down and so are prices. Buyers are still particular, but activity has picked up strongly at the end of the calendar year.
Overpriced homes that have languished on the market are coming off as Cancelled, Withdrawn or Expired and sometimes coming back at lower prices.
New listings that are properly priced are moving quicker and appear to be closer to Buyer's expectations as new sellers are having better success.
Overall, year-to-date home prices are up 4.7%, but don't be misled! In the popular under-$600K market, sales were down15.8%, and flat in the $600K-$1M market, but up 5.5% in the $1M-and-up space, which is skewing the numbers, since 50% are above $600K and 50% are below that median price point! Fewer low priced home sales are creating a perception that the overall market has appreciated, when it hasn’t.
Watch as David does a deep dive into the data and provides us with good news for the coming year!