These brief snapshots really help you get a feel for what is going on in the market. what you are seeing are the numbers for the last 24 hours on the Fresno MLS.
As you can see from the numbers in the graph below the ratio of price increases to price reductions tells the story as to where prices are going. We had 124 price reductions compared to 10 price increases. This is an imbalanced market and tells us that prices are continuing to be adjusted DOWNWARD.
We had 85 new listings and 44 back on the market for a total of 129 market entries agains 70 properties that went off the market through pendings and contingent sales. I never count the SOLDS because they are properties that went off the market (pending or contigent) 30 to 90 days ago (generally speaking) all they did was close out the open transaction.
So for every one property that goes off the market there are almost 2 to take its place. This isnt good and certainly isnt balanced but its a lot better than the 5 to 1 ratios we have seen in the past.
I have been seeing less expired listings recently which I believe is due to sellers realizing that the reason their property isnt selling is their price is too high, so instead of cancelling their listing and seeking another agent they are probably renewing their listings and lowereing their price (if they can).
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1319 W Bullard #4 -- Fresno CA -- 93711
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© Randy "Lazarus" McAtee |
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