Inventories are “lower” in all categories except the 4-5 Millio price range. Under contracts slowed in the last 6 months except in over 5 million (2 of the 3 sales were NEW CONSTRUCTION).
3 zones are still over with Seller supplies in excess to Buyer’s demand with the price range of 2.5-3 million having almost 10 month’s supply, 4-5 million with nearly 25 months of supply, and over 5 million with 18 months of supply. If you isolate supply in the 3-4 million range you again see that it is mostly fueled by “new construction;” therefore if you are a re-sale property in the range of 2.5-3 million + it pays to price your home to fair market value.
Fair market value is: what Buyer’s are willing to pay considering the “choices” they have and Seller’s are willing to sell based on other “competition.” Are you willing to price your home at fair market value? Your odds of selling are better if you are willing.