The weather is heating up, but the real estate market is cooling down. Is it just the usual real estate summer sluggishness? Or is the market starting to shift?
This year marks my tenth summer as a realtor, and I can tell you that the market usually cools down between May and August every year. Let's face it, there are a lot of other things going on besides buying and selling homes — like graduations, holidays, and vacations. With that said, it also feels like things are starting to change. There are homes selling this month for less than they may have a few months ago. There are more properties sitting on the market that would have sold in days in February and March. I’m also seeing a lot more price reductions. In the second quarter, there were 57 price reductions. That’s about twice as many than last quarter (26 reductions) and the second quarter last year (28 reductions).
Here is a look at some other metrics we can use to evaluate the market in comparison to previous quarters: