2018 has remained a strong Seller's Market where many listings have received multiple offers and have sold in days, not weeks.
While this bodes well for a majority of "hot spots/markets", there's a trend that's been developing and moving toward those hot spots - and that trend is aging listings; listings that are sitting on the market for weeks/months and, ultimately, expiring from the market - unsold.
Historically, the market usually favors the Buyers, but over the last 5 years the real estate market has been favoring the Sellers.
Seattle is the #1 market in the United States, but I'm seeing more homes expiring, unsold, in Seattle too - on a daily basis.
More and more Buyers are refusing to pay over-market, or higher market, prices now.
Aside from rates showing signs of climbing, there's concern over escalating values that can't be sustained and more inventory is coming on the market.
Appraisals are another issue - where many are coming in under contracted prices and Buyers are reluctant to pay the difference, forcing the Sellers to reduce to the appraised price, or the Buyers walk.
Another contributing factor are Builders - they've been responding to the inventory shortage over the last few years and have become major contributors to growing inventories.
These are real indices that are indisputable and are expected to continue.
April - June 2017/Inventory April - June 2018/Inventory
Other contributors to the market shift are more price reductions and longer market to sale times - more specific to higher market list prices.
Inventories have nearly doubled, comparing 2017 to 2018/same time of year.
If rates start to effect the ability of Buyers, as most Buyers require a loan, that would become another contributor to this growing trend that's shifting to favor the Buyers.
Is 2018 the final year of a favorable Sellers Market ?
My opinion is yes -
Want specific data ?
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