Typical sales patterns are amplified in a Spring Market as inventory builds rapidly. Clients rush to bid on well dressed and well priced homes. Others wait to see what else will come to market. Price discovery is a challenge as sales prices are not revealed until closing, or 30-90 days after a sale. If buyers who are eager for price discovery only use publicly available online data or wait to see how the market is doing by looking at sales, then they will have missed the peak of the market. Agents know the current heartbeat of the market.
Inventory is generally up over this time last year, and contracts are down. Yes, the market does feel softer, but it also feels more active and sellers are holding firm on pricing. A decline in contracts could mean a softening or a shift in timing as buyers are still looking at the surge in inventory that has come on recently. In any event, averages are deceiving because submarkets behave differently, whether by geographic location, price or condition. I will look forward to talking with you about your submarket!
