“The market is in transition. There is no doubt that real estate prices are cooling and that buyers have more opportunity,” reports Leading Edge CEO, Linda O’Koniewski. “Properties are staying on the market longer receiving fewer offers. Offers with financing and home inspection contingencies have legs again. As leverage goes from a lop-sided sellers market to one that gives a little power back to buyers, we see sellers disappointed with full price offers and shocked that their property hasn’t sold in a week. It’s a new world in Real Estate.”
October sales of single-family homes in the Leading Edge service area decreased -15.1% year-over-year. Inventory remains down -.8%. The number of days on market over the last 12 months is also down -10.8% while median sale prices remain up +7.8% at $619.950.