Just thought I'd share some information about the local market. I was perusing the list price vs. sale price numbers in my local city of Riverside and I think it shows a telling story. I recall back between 2012 and 2013 that homes were selling in 4 to 5 days after being placed on the market. Multiple offers were the norm and the sales price typically landed several thousand over the original listed price. But that began to change as price increases slowed in 2014 and have continued to do so into the 1st quarter of 2015.
Check out the information below that shows the year-over-year difference between the monthly average sales price vs. listed price. I think the information shows that the market has slowed to a more stabilized type of market.