Passing through the fourth quarter, both market times and the frequency of price reductions are rising but the best listings continue to sell quickly—frequently for full or over-asking price.
Market Times:DOM went from a 32 day average in September and October to 37 days in November— for properties that sold. The average market time for active listings that have not yet sold is up to 92 days as of November 27th.
Price Reductions: The percentage of under-contract properties that needed price reductions prior to selling doubled from the low teens in the spring to over 30% by August—by November, 37% of new pendings had one or more price reductions prior to selling.
High Demand for Move-in-Ready: Buyers are increasingly selective in their search for move-in-ready homes. The best listings continue to sell quickly. Thirty- eight percent of November new pendings were under contract in 10 days or less. Twenty-nine percent of November sales were at or above full price. Buyers are becoming increasingly selective—condition matters. Average and below-average listings that need work will linger and take a hit on price.
