“Rumors that the market is softening because some properties aren’t selling in their first week or because we are seeing, gulp, price reductions, are not true,” reports Linda O’Koniewski, CEO of Leading Edge.
“There is a renewed urban energy. Buyers expect to make offers significantly over asking on well-priced homes.
“So, when sellers insist on testing the market at crazy prices, buyers balk, they don’t want to pay even more.
“The market is vigorous. Buyer fatigue after losing 7-17 homes is real. Lots of buyers are taking the summer off.
“We encourage serious buyers to stay in the game. This summer is the best chance to secure property. Competition will be stiff in most markets, but reduced.”
June sales of single-family homes in the Leading Edge service area increased +54.6% year-over-year. Inventory decreased -35.9%. The number of days on market over the last 12 months decreased -22.2% while median sale prices remain up +10% at $715,000.