Thanks to Daytrip who sent in this article which has a few different opinions on market conditions, and demonstrates the numerous variables in the housing equation. This excerpt from a New York appraiser by trade:
The outcome is that high-end listings languish for longer periods of time—until sellers come down in price. But an uptick in transactions as sellers offer discounts to buyers does not necessarily indicate that a market is improving. Rather, this can be seen as evidence that buyers have been patient and sellers are now pricing their homes more realistically.
Here is a reminder of the differences based on price – the number of months’ worth of inventory, which used to be considered normal when around six:
The 1.3 months’ worth of inventory on the lower end looks red-hot, and the 10.4 months on the high-end looks sluggish – and all in the same area!
Price will fix anything!