Are we in a buyers market?

[Ken Virzi]

Seems like in a few different markets I’m watching properties are constantly losing their listing prices and often sold under listing price. Has the market slowed down? Are buyers drying up? Is the foreign cash no longer driving up prices? What’s going on?

[Russell Brazil]

You might want to say what market you are looking at specifically so someone involved with that market might be able to chime in.

In the entire Mid-Atlantic Market we are still firmly in a sellers market at 3 months of inventory, which is even low compared to the 5 year average of 4.1 months of inventory. For those who may not know, 6 months of supply is generally what is considered an even market between buyers and sellers.  1 month of inventory is how long it would take all existing properties on the market to sell, or be absorbed at current conditions if no new inventory were to come to market.