Many of the country’s hottest real estate markets are cooling off considerably, according to a recent Redfin report.
The report compares 14 cities with some of the fiercest real estate markets in the past year, including Seattle, Tacoma, Portland, and San Francisco. With the exception of a few (Boise, Omaha, and Grand Rapids) all of the examined markets show signs of slowing down.
In Tacoma, 41 percent of homes for sale went off the market in two weeks or less in late summer 2017. From March 5 to April 29 of this year, that number rose to 61 percent. In 2018, from August 13 to September 9, just 39 percent of homes were sold in two weeks or less.
That’s a 22 percent decrease from six months ago, and a two percent drop from this time last year.
In Seattle, the numbers are even more dramatic.
This past March and April, 72 percent of homes on the market in Seattle sold in under two weeks. In late summer of this year, that number dropped to just 35 percent. That represents a 37 percent decrease from six months ago, and a sizable 21 percent decrease compared to late summer last year, according to Redfin.
“Sellers in these markets are learning that they need to adjust their strategy. They aren’t seeing the same level of interest from buyers that there was a year ago. As a result, sellers are having to wait longer for offers, and more sellers are dropping their list price to attract buyers,” said Redfin chief economist, Daryl Fairweather.