- Michael Shapot, Esq.
State of the Market - 2nd QTR 2018
We are experiencing the best buyers’ market we’ve had in years. Inventory levels are rising providing serious buyers with lots of good choices, and motivated sellers are more in sync with current market conditions. The percentage of deals with bidding wars is down to 9%, the lowest level since 2012. Although interest rates have risen some, they remain affordably low. And the economy is strong as reflected in stock prices and employment levels.
Well-priced properties are selling quickly. It is somewhat surprising to see marketing time and negotiability tightening, but this reflects buyers’ reaction to good value and sellers’ realistic pricing strategies.
In terms of pending activity, Urban Digs reports that there are currently 3,102 sales in contract, up 5% from Q2 2017. However, there were only 935 new contracts signed in June 2018, down 17.6% from May 2018 and down 12% from June 2017.
Various segments of the market (price points, location, home size, etc) are behaving differently. For example, the market for starter apartments is much tighter than the luxury market. Please be in touch to discuss what this means to you and your unique circumstances.
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