We have known anecdotally for a while that the market has been slowing, but now the data reflects that change.
We are at 1.9 months of inventory, which is triple the .6 months in March.
Pending sales are down 23.6% compared to last June.
The median sales price was down 2% compared to May after climbing every month since last October.
These changes mean that buyers with little to nothing down can now compete a little easier, that there will be fewer multiple offer situations, and that the potential for people to make an offer with a home sale contingency may return soon too.
It also means that sellers have to price to the market and that they need a strong agent with great marketing skills. Pricing higher than the last sale may actually lose you money if your home sits.
Keep in mind as well that while things have slowed very quickly, we are still quite a ways from a true buyers market. Only time will tell if that is yet to come.
Take the numbers into account, consider your needs and hire an agent who can successfully help you meet those needs.
Posted by Patrick Hake on