It is interesting that I found out the home where I live now - Sunnyvale, California that home sold fast!even through it is slower compared with last year. Are you ready? I mean the market is totally changed.
We heard about the real estate market is slow and it has changed from seller's market to buyer's market. I used the data from August 2007 to August 2008 Sunnyvale Single family home real estate as an example:
1). More homes inventory 22% more then last year.
2). Less homes closed: 10% less then last year.
3). Take longer: the date on market went from 20 days to 37 days which is 185% increase.
4). Median priced dropped from $925K to 850K.
Even though this market sold the fast but the date on the market to sell grow 185%.
The above information is extracted from the www.reil.com by Grace Keng of RE/MAX RES Cupertino, CA