Over-Asking Sales Remain High Despite Slower Market
2023 sales have been driven, or restricted by the arrival of new listings. The slight decline in listings over the past few months has been resulting in a gradual reduction in new pendings and closed sales. Expect the gradual changes to continue into the fall.
Although monthly “over asking” sales have been lower than the past two extreme pandemic-driven years, the frequency of over-asking sales remains high. Historically, even in some of our best markets, July numbers might hit 40 to 50%. Last month, 65% of SEMI closed sales were at or above full asking price.
While we can expect to see an increase in the frequency of price reductions, current numbers are low compared to typical years and are even lower than last year. Expect market shifts to be gradual compared to last year.