Our multiple listing service provides interesting statistics for us. Among those are the "24-hour Market Watch" statistics.
For example, for the past 24 hours, our multiple listing service reports the following:
New Listings 71
Price Increases 2
Price Reductions 27
Interesting! We're noting more price reductions than we've seen in a long time. It may be a trend. Sellers who were "testing the waters" with a list price, now have to bring the list price closer to the market value. The buyers appear to be putting a cautious tone on their offers, many times worrying that the value may be going down. We are also noticing that appraisers are being more careful with their appraisal values.
Let us know what you are experiencing in the real estate market where you are. Send us an email!