Only about half of U.S. home sellers outside of Northeastern states and California are now getting 95 percent to 100 percent of their home’s listing prices, and most listings are taking more than 60 days to sell, according to a new survey released Wednesday.
The national market conditions survey released by HouseHunt showed that annual price appreciation has slowed to a more sustainable single-digit level and that buyer demand and seller supply are on more even footing than previous quarters.
“Seventy-four percent of our member agents reported that it is now taking 60 days or more, on average, from listing to contract,” said Michael Bearden, president and CEO of HouseHunt, which provides information through HouseHunt.com and MoveUp.com. “A year ago, 77 percent of respondents said homes were selling in 60 days or less — an incredible turnaround.”
Other findings in the third-quarter survey included:
- Seller-buyer ratio: Home sellers currently outnumber buyers 52 percent to 36 percent. Twelve percent reported a 50-50 market. Biggest regional exception is the Chicago metro area, which reported a 62 percent to 31 percent ratio. Seven percent reported a 50-50 ratio.
- Time on the market: Only 26 percent reported homes were selling in less than 60 days as opposed to 74 percent reporting more than 60 days. The Midwest reported an 82-18 percent ratio.
- Sales versus listing price: Fifty-one percent reported that sellers were getting 95 percent or more. The Northeast reported a 72-28 percent ratio of sellers getting 95 percent or more.
- Annual appreciation: Forty-three percent reported 0-5 percent appreciation; 16 percent reported 5-10 percent. Negative price appreciation was reported by 33 percent of respondents. Forty-six member agents in California reported negative appreciation.
- Multiple offers: Another one-year flip-flop. Only 25 percent reported multiple offers in the third quarter as opposed to 89 percent a year ago.
- First-time buyers: Move-up and repeat buyers outnumbered first-time buyers by a 57-43 percent ratio. The ratio in the south was 70-30 percent.