The median sold home price county-wide trails the sold average by roughly $44,000 a 12% gap. With a large pool of over 2000 sales, this is a reasonable indicator that the market is moving from entry level to mid-level buyers.
The entry-level has little inventory and many buyers have been nudged out of the market by the combination of high prices and rising interest rates. The middle market is seeing some traction as mid level buyers are jumping in to lock in a manageable mortgage rate.
There was a buyer's gain in March followed by a seller's gain in April so things seem to be about the same with sellers still holding an advantage in this market.
Marketing time remains short with the median less than a week. This bodes well for sellers, but may also indicate sellers are more willing to accept lower price when listing price is "puffed up." Sellers are equally anxious to sell as they have the same rising rate concern as buyers.
Overall I see the market flattening for the rest of the year. Analysts seem to agree that middle single digit price appreciation is anticipated for 2018. If inventory remains tight, sellers will continue to have a slight advantage at the negotiating table. Buyers however, have gained some leverage in the market and the flattening of prices surely is a strong indicator the local market is moving towards neutrality. I like a mild seller's market, it is healthy and most importantly, sustainable.
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