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Like the eagle above, a soft landing may be in the cards for real estate.
Inventory - is steadily increasing. Double what it was a year ago.
Solds - are decreasing. Down 30% from a year ago but 20% ahead of 2019.
Days on market - for people circling homes they have had their eye on that fit their price point they are going to contract within a week. However there are many more homes, both condos and single family, that are staying 'active' for 20 to 40 to 60+ days before going to contract.
Price reductions - buyers agents are no longer asking listing agents why a home has not sold within the first week or two. With the increased time on the market price reductions are happening at 15, 30 and 45 days, some are essentially chasing the market. There is a feeling that prices have peaked. And recent sales are being used again as comparatives when determining a selling price.
Cash sales as % of all sales - 56%, the same as February of '22.
All this sounds like a recipe for soft pricing, more time to negotiate, and fewer seller demands. Should be better for all.
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