I’ve been keeping an eye on some of the daily trends in the MLS and have noticed for several weeks now that price reductions have now outnumbered new listings on an almost daily basis. In past years, when almost all houses were selling fairly quickly, we noticed that a small percentage of houses required drops and there was usually a decent number increasing their prices.
Now, it seems that as days on market have increased for many sellers we are finally getting that reality check in place that was needed. Granted, it does seem that the majority of these price drops are in the outlying areas of our MLS region, but the inner-city urban spots are not without their own new reality.
What I like right now is that we’re getting a nice balance of buyer and seller activity, which, for my own personal business/team, means that we’re likely going to be growing our business over the next year or more with some very nice results.