Passing through the fourth quarter, both market times and the frequency of price reductions are rising, but the best new listings continue to sell quickly—frequently at or above full price.
Market Times: DOM bottomed-out just under 30 days in late spring and early summer and have been rising since—they averaged 49 days for homes that were sold in November. While the best properties sell quickly, others sit. Market times for active listings that have not yet sold are up to 107 days.
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 and for full price. 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.
