The cooling trend that started gently in August has now developed more momentum. Supply is still growing faster than it did last year while demand continues to show a slow weakening trend. Things are getting better for buyers and worse for sellers.
It remains a seller’s market in most areas where properties can be easily found for the median sales price of $213,000 or less. Elsewhere we are dropping towards a balanced market and one or two areas have retreated to a level where buyers have a small advantage.
The Cromford® Market Index moved from around the 144 mark at the beginning of October to around the 134 mark at the beginning of November (all cities). This has now become a significant enough change for most people to feel a difference. More sellers are becoming frustrated, especially those in those with the highest growth in active listings and relatively weak demand.
We’ve advised our clients to price competitively. If you are thinking about selling, let’s talk about how to build a strategy. It is easy to believe that a seller’s market might return in January, after the holidays. But, previous years indicate that this may not always be the case.
Call me at 602-456-9388 for more information.