Agents are beginning to realize they can’t list a property a big percentage over the last sold comparison. Buyers are still paying over the ask price and appraisals are coming in at the value offered. Over the next few months as inventory increases, we will see these two lines closer together.
I don’t think the media has caught on yet, but the market continues to shift and we are seeing more inventory on the market and less number of multiple offers. Very interesting to note how much the sales dropped in May and look at how much more inventory we currently have. It takes a while for the market to catch up, but I suspect we will see more price reductions and a leveling out of the amount sold over list price.