Buyer fatigue in the “affordable” market bracket.
While the market is still moving at a record pace there has been an interesting divergence in the median and below-median markets. While both are moving very quickly there is apparent buyer fatigue on the more affordable end.
In the sub $550,000 range of homes, the average days on the market was 52 days. While their more expensive counterparts had a median of 49 days. But the more interesting statistic is the median ratio of sales price to list price. In the lower bracket, this was just slightly over 100%. This means that for every house that sold over asking, a corresponding house sold for under asking price. So, in this market, the homes are lasting a little long on the market and are less likely to have a bidding war. In the $550,000-$900,000 bracket the houses are selling slightly faster and for a median sales price to list price of 107% of asking. This is a tremendous difference from both the selling and buying perspective.