At first glance, these statistics seem to show a drop in the Average Sales Price for homes in our area. But is that really true?
I think the more significant number can be found in the Median Sales Price. This is an indicator that homes at a lower price point are selling more frequently than the ones at higher price points right now.
Don’t get me wrong – the market HAS shifted, as we can see from the Percentage of List Price Received. We are moving away from crazy bidding wars that drive up prices, and so sales are sticking more closely to the list price. And with more Active Listings available, Buyers have more choice and a little more leverage to ask for credits and price reductions for inspection and appraisal concerns.
The other factor driving these statistics? Time. This affects the numbers in two ways:
1.)There is always a delay between when homes were listed, go under contract, and sell, and when statistics can be collected and distributed.
And 2.) We are still seeing a lot of Agents and Sellers that look at comparable sales from a year ago and calculate their current List Prices using that math. I said prices haven’t dropped (at least not by much), but they HAVE leveled off during the first half of 2023.
The bottom line? Sellers: Your equity is still there, it just isn’t rising at the unprecedented pace of the last few years. BUT we are still experiencing a housing shortage, so it’s still a great time to sell. Buyers: Now is one of the best times in YEARS to start your search, with more inventory available and slightly less competition when it comes to making an offer.
Do you agree or disagree? Let me know in the Comments! 
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