Properties have been selling for less and staying on the market longer in the country’s largest metro, indicating a cooling market.
According to CNBC, despite fewer home sale transactions, the number of homes available in the city recently hit a record high, suggesting a buyer's market. In addition, listed homes are getting offers well below asking prices.
“Offers 20 percent and 25 percent below asking prices began to flow in, a phenomenon last seen in 2009," writes Frederick W. Peters, founder and CEO of Warburg Realty in the company’s latest report. Homes are also spending longer on the market; over 100 days for homes listed at $1 million or more and 175 days for homes between $8 million and $12 million.
In today's market, sellers should not expect multiple offers, he added. "The majority of deals result from a single offer," Peters said — nor should they expect things to move quickly. "The days on market average has soared during 2018."
