The indicators continue to point to a shift to market normalization. Prices are continue to trend downward and inventory is increasing. Nothing new or unexpected.
One indicator that stands out is the Sale/List Price Ratio. It was at 100.01%. We are at equilibrium.
Sale/List Ratio Active Listing 12/2018 100.1% 682
12/2017 109.3% 271
Thanks to a strong first half of the year, 2018 still ended with Sale/List Price Ratio of 106.8%. But the trend for the second half of the year points to a continued descent.
Pretty much the same story here as with Single Family Residences.
The Sale/List Price Ratio for condos was 99.9%! First time listings in this category were selling for less than asking price since 2012!
Sale/List Ratio Active Listing 12/2018 99.9% 296
12/2017 110.8% 21
Same here. Thanks to a strong first half of the year, 108.7% was the overall percentage.
Facing a downward trend like this, if you plan on selling this calendar year, it would be a great idea to get out ahead of the usual selling crowd and avoid the competition that will hit during spring. The key will be to make your home stand out above the rest of the homes, it's not good enough just to be out there.
There are still lots of buyers out there looking for their dream homes who have the financial ability to buy. Sellers can no longer do little to no work and expect to sell quickly. The seller and real estate agent must work together to formulate a great marketing plan to highlight the property and make it stand out from all the competitors. Now is the time when a real estate professional will earn his/her fee. Professionals with track records and proven marketing plans will be worth their weight in gold.
Please contact me if you would like data which are more specific to your neighborhood or ideas about how to make your home stand out above all the rest.