The message that our sellers need to hear is that it appears as though their seller's market is slowing. The attached article offers some national statistics, but locally:
- Inventory is down about 10.7% from last year.
- Pending sales are up slightly, but closed transactions were down 3.6% in April compared to April of 2016.
- Homes are selling quickly, but we're having more cancellations due to low appraisals.
- For March and April, home prices showed only a 2% appreciation from the same 60 day period in 2016.
- We're seeing "flashpoints" that our seller's market might be turning.
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Patrick Conner
President
London Properties, Ltd.
