Not statistically significant, but here are my observations for August.
Random sample of several populated zip codes show a 25-50% YOY decline in closed sales for August. Not many pendings in the pipeline, Sept. figures will reflect this.
Certain sub-market areas may have had 40+/- closed sales in the last 12 months, but currently have 40-60 active listings and only several pending sales (inventory glut).
I’ve completed two purchase appraisals this week. Both properties were priced 10-15% below the last model match comparable to induce quick sale. In both cases, they were the ONLY pendings in the entire sub-market.
The buyer/seller stand off is resolving itself. A few sellers have blinked and values (based on Aug/Sept sales) may end up showing a 10-15% decline YOY. No soft landing in my opinion. Though I do believe we will see a big decline towards the end of this year then moderate declines over the next several.
