Blog > Santa Clara County Trends in Price Reductions
County Trends in Price Reductions
The percentage of active listings undergoing price reductions spiked in mid-2018 and has remained elevated since then. The big factor behind the spike was that the late 2017/ spring 2018 market was extremely hot, with year-over-year appreciation rates and home prices jumping. When the market began to cool off, sellers and listing agents – relying upon recent sales data to set new listing prices – were wrong-footed by the significant softening in supply and demand dynamics. Sometimes, it takes a while to adjust pricing to changing market realities.
Percentage of Active Listings Reducing Price in Month – Santa Clara County Real Estate Market since 2012.
The percentage of listings reducing asking price illustrates both the strength of market demand, and specifically, the scale of any mismatch betweeen buyer and seller expectations regarding fair market value. Besides an indicator of general market trends historically, this statistic is typically firecely seasonal in nature as sellers of unsold listings attempt to recapture the attention of buyers.
To learn more about the real estate market, contact Eric & Janelle Boyenga of the Boyenga Team today!
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