Update time. Last weeks numbers I lost were on trend but starting to see a seasonal trend finally appear. Peak market here is always Feb through May but sellers think its in June. We typically get a surge in new listings once school lets out and the buyer pool has already thinned as people start vacationing and shifting to summer fun.
New listings 30 – here come the late listers
New Pendings of 25 – a little less demand as buyer attention starts shifting elsewhere so no surprise
Thats a +5 for the week. First time weve seen more new listings then pendings since mid Feb.
Closed sales at 24 –
Price reductions at 3
Total houses for sale 69 with median of $1.795M.
Something to watch next several weeks. More sellers come out after school is out and buyer demand tends to drop this time of year due to the season. Inventory has and will build a little. There will be more entry to mid range homes available than we have had in a while. Will that get buyers to come back into the game? I’ll be watching
As an aside I checked last 10 sales in my hood. Average down payment is 57%.
