Same song in the real estate market. It's the one they’ve been humming for more than a year.
The agents try to hum a good tune conceding business is down a bit, but … we’re half way through the year. Nine home sales have closed. Last year the number was 12.
You do the math.
For the first time in years, too, there appear to be more higher-priced properties coming onto the market.
The average asking price has traditionally held at $2.2 million, or so. Now, with 145 houses on the Multiple Listing Service, it’s risen to $2.5 million, an increase of about 14%. The median price of a listed house, however, is steady at $1.5 million.
There is clearly lots of negotiating and dealing going on. None of the nine deals closed at the most recent asking price. In fact, the average house sold for 21% less than asking. Three sales went off at prices more than 30% below the listed number. The average sale price was just under a million, at $987,000.