Monday, March 7, 2016

Strange Days

The market is currently in a very strange place and i'm not quite sure what it will take to set things straight. The easy heady days for sellers is waning for sure, though we do see moments of bull market past for Goldilocks homes.  I personally feel a bit unsettled as small moves in oil swing the equity markets to and fro, rates up and down, an absolute bizarre presidential race taking place , negative rates and what seems like the impossibility of ever getting our economy normalized without first seeing a serious readjustment to equity markets.  Time will tell.

The data doesn't lie. According to UrbanDigs, condo sales are down 23.9% and co-op sales are down 22.3% from last year. Still pricing is holding up to some degree, we are not seeing a 'collapse' in valuations. More like a softening across most market segments.

There are also close to 10% more listings on the market now than the same time last year, I guess signs of a slowing market. However less listings are currently entering the market. Perhaps sellers and their agents are sensing the slowdown and are waiting to list deeper into the Spring market.

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