DMAR's October Market Trends Report
REALTORS® report showings of homes on the market are slowing and home sellers are beginning to reduce prices
Active listings in the residential market (single-family homes and condos) was at 7,586 total units in September, while the number of sold listings decreased by 21.58 percent compared to the previous month. The decrease in sold listings is greater than the 10-year seasonal average decrease of 10.1 percent.
Notably, even with the number of homes sold dropping, the market is still ahead of last year as year-to-date closings are up 3.22 percent over 2016.
According to a sampling of DMAR REALTOR® members, showings are slowing down and home sellers are reducing home prices in order to get more traction. The report shares insights that escalating buyer demands during inspection are causing more homes to fall out of contract and come back onto the market. Furthermore, "back on market" and "price reductions" seem to be more common than "new listings" in MLS searches as of late.