What the recent price reduction trend means for our local market.
“What do you see happening in the market?” Clients always ask me this question, and I’ve noticed an interesting trend in price reductions. This trend has big implications for our market, so I’ll share the details with you today.
Recently, my team and I looked at 168 homes in Lake, Flathead, and Sanders counties in the $750,000 to $1 million range. To our surprise, 30 houses, or around 16%, had price reductions in the last week. July is typically a busier time of the year, so these stuck out.
Sometimes homeowners will make small price reductions just to have their listing show up as a reduction, but none of these houses were doing that. The average decrease was 10.5%, or $75,000 to $100,000, which is a serious repositioning.
If you’re thinking of buying, now is a good time since we’re seeing so many price reductions. Sellers should know that the market is changing—it’s time to decide. Real estate is one of the best long-term investments you can make, so if you can stay in your home for 10 more years, you can ride out whatever the market is going through. If you’d rather not see where the market is headed, you should sell now.
If you have any questions or want me to look at the numbers for a specific price range, feel free to call or email me. I’d love to help.