I ran some more numbers for the wider market to see if it is the same as my community. I looked at the bread & butter homes in this market which are at least 2500 sq ft with 4BR’s that the typical young professional family looks for with prices under $1M.
45 actives
15 contingent short sales
15 pending sales
33 closed sales in the last 90 days
I tried lowering the price $50K at a time and the above ratios stayed very stable while improving steadily as I lowered the upper limit of the prices.
Then I raised the price $50K at a time and things looked surprisingly stronger than I expected. While the ratio got worse than 3 to 4 months of inventory it wasnt until I got to 1.6M that it reached 6 months of inventory. Of course, between $1M and above it is worse than that but the market as a whole is surprisingly resilent thus far.
