On both a national and local level, more and more homes have undergone price reductions lately.
A couple days ago, I read a Zillow report titled “Price Cuts Becoming More Common, Especially at the High End” that I want to share with you today because of how it pertains to our marketplace.
The report found that in June of this year, 14% of all listings across the U.S. underwent a price reduction. San Diego, in particular, had a high number of properties reduce their price—roughly 20%. According to the report, this doesn’t mean that the market isn’t shifting—it’s simply slowing down.
At the 1:59 mark in the video above, I’ve included a graph from the same report that shows how price cuts have fluctuated among bottom-tier, middle-tier, and top-tier homes during the month of June from 2011 to 2018. In June 2018, 16% of all top-tier homes reduced their price, which was the highest mark of the entire five-year period.
If you’d like to read the article in full, click on this link.
In Flathead Valley, we’ve seen the same trend happening these past few months—a significant number of listings have undergone a price reduction. I recently attended a real estate conference in Los Angeles with other brokers from around the country, and they said their markets are all seeing the same slowdown.
This is definitely something we’ll have to keep an eye on moving forward. In the meantime, if you have any more questions about our market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.