This may be a preliminary look, but there won’t be many more late reporters. Agents are supposed to mark their sales closed within 48 hours, and we’re a week out. But even considering the typical end-of-summer slowdown, it looks like sales are plunging.
Today, the MLS shows a paltry 234 detached-home sales last month, the lowest August total of the last four years:
While we enjoyed some frenzy-like months during the 2014 selling season, it looks like we’re heading back to the far-more mundane pace of 3-5 years ago.
For sellers who tacked on an extra 5% to 10% to your list price: If it doesn’t work, at least adjust downward fast enough that the urgency stays higher, and you beat the holidays – Halloween is only seven weeks away!