Data indicates a shift to a buyer's market
The cities of San Jose, Seattle, and Portland have seen a substantial increase in the length of time homes in the area stayed on the market.
According to Redfin, the typical home in the US was on the market for 55 days, up from 54 a year ago. But the average in San Jose metro area was 45 days, up from just 12 days a year earlier. In Seattle it was 47 days, up from 15 a year prior, and Portland hit 50 days, up from 28 a year ago.
“Buyers this year don’t have the same sense of urgency that was palpable a year ago,” said Daniel Brooks, a Redfin agent based in Portland. “Buyers are not worried about losing out on homes and more than willing to wait for a seller to drop her price. With front-row seats to a rapidly changing market, 2019’s buyer is savvy and is adapting quickly to the new normal.”
“The slowing pace of the market comes as good news for buyers who may have felt rushed in the overheated market last spring,” said Redfin. “As competition for homes eases, buyers now have more time to carefully consider what for many will be the largest purchase of their life.”