Continued Improvement For Buyers

 For years buyers have been crying out for more supply. Their wish is finally coming true. In the last 7 days we saw more than 3,000 listings added to the ARMLS residential database for the first time since 2010.

With demand dropping below normal, this torrent of new listings is growing our active inventory at the fastest rate since 2005. If you can afford the new interest rates (or are buying with cash), there are suddenly a lot more homes to choose from.

Look out for a list price cuts as sellers start to realize they have to be more realistic if they wish to compete. Asking for concessions is no longer a joke.

Sales price weakness is still a few months away, but asking prices are starting to look a little wobbly.

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Points in fact: 

• In every market there are always price cuts ~
• Here we compare price cuts year-over-year:

What's noteworthy and in support of today's Cromford Daily Observation is nearly triple the number of price changes year-over-year.

• In every market there are properties that don't sell ~
•  The graph below is interesting in this regard, as we see evidence of the massive increase in the $1M plus market by the increase in the percentage of successful sales during the contractual listing period (Listing Success Rate):

Notice how historically, on average, roughly half of the high end listings didn't sell in their initial listing period. 

Times have changed. 

Money continues to move to the Valley.