Michael Kolomatsky of the Calculator column in the New York Times real estate section crafted a cool infographic for this weekend using data from the Douglas Elliman‘s Hamptons Sales report that I author. The gist of it is that sellers are slowly pricing closer to market causing days on market and the listing discount to compress somewhat. This faster moving pattern is in sharp contrast to sliding price trends, declining sales, and rising inventory. The narrative in this market clearly reflects a slowdown, but with a vibrant regional economy, the buyers are here, but unwilling to pay at price levels of a few years ago.
Tags: Elliman Report, Douglas Elliman, Michael Kolomatsky, The Calculator
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Hi Jonathan: From what I am hearing and experiencing, new listings that are coming on the market and are priced appropriately for this market are selling quickly–like within a month…”off-market” houses are being sold to the pent up supply of buyers, just waiting for their dream home to appear. Many of these houses are in a location near the beach, in a village and always near everything. Many are in the most desirable neighborhoods where we have had a year of very soft sales.
Bingo. The buyers are there but not willing to go higher and meet the seller on price. This market is all about the seller getting in sync with the market.