I have been reading posts lately about how the market in the States is a buyer's market. Here it is still very much a seller's and no sign it is slowing.
I was particularly impressed by Price is King (Elvis Has Left the Building) by John Lockwood as that still holds true regardless of the trends. With this in mind I ran some numbers from the MLS for our area and was suprised by what I saw.
For Active Listing the average list price for a single family home was $598,000 with an average of 75 Days on Market. The Solds since May 1st had an average selling price of $389,000 and 62 days on market. Several properties sold over asking and the highest selling price was just under $700,000. Other REALTORS in the area were commenting that priced right, we are seeing multiple offers, overprice by 10% and they sit and stagnate.
Sellers are still want to list their properties higher than they should, and are reluctant to lower the price when it is recommended.