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Current Realty Estate Report
The current quarter provided a marked change from the prior quarter results. The average sales price and median sales price showed modest gains, the number of sales increased after a year of steady activity, listing inventory appears to have leveled off, the time it takes to sell a residential property has remained consistent, and sellers are slightly more negotiable. Sellers appear to be more in tune with market conditions, which would explain the combination of larger listing discounts and rising prices, the increase in the number of sales, and stabilizing inventory. Since the seasonal expectations of the next quarter are defined by lower number of sales and weaker price levels, the first quarter of next year will provide a better indicator as to whether the current quarter was an anomaly or the beginning of a new market trend of listing stabilization.
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