In January, the median price decreased to $375,000 compared to the $385,000 in December. More importantly, the median is 6.5% higher than it was a year ago.
Currently there is 1.5 months worth of inventory. A “normal” or “balanced market” is considered around 2.5-3months.
The homes that are priced right, show well and have a high quality marketing plan are selling in a few days, at or above list price with multiple offers. However, the properties that are over priced are sitting with little activity, until the list price is in line with the true market value. The overpriced properties are having price reductions to try and get more attention.
I’m calling it a “Price-Sensitive, Sellers Market”.