The market is slowing and price reductions are prevalent both on the Monterey Peninsula and across the country, 44.4% of the current active listings that I monitor have had at least one price reduction and some have had multiple reductions. 15% of U.S. listings saw a price cut in January and more homes spent longer on the market, according to realtor.com®’s latest housing report.
39%of the 50 largest markets saw a rise in the share of price reductions compared to last year. The greatest increases in price reductions in January were:
Las Vegas (up 16%)
San Jose, Calif. (up 9%),
Seattle (up 8%)
Orlando (up 6%)
Phoenix (up 5%)
In addition to reductions, homes are taking longer to sell in many market so inventory is increasing! We'll see what happens in the next few months.
Source: “January Housing Data Shows Uptick in Seller Price Cuts,” realtor.com(R) (Jan. 30, 2019)