This month's real estate snapshot was telling, and may forecast some big changes in the future.
Active listings were way up in May. At 1,892, this represents a high we have not seen in several years. This would not be so noteworthy if sales were up as well, but closed sales have stayed flat for four months now while active listings continue to rise. Closed sales remain stagnant at just about 300. Obviously, lots of homes listed have continued to go unsold.
It appears (though we'll have to follow this trend in the coming months) that demand may be slipping on the buyer side. Home affordability has really become an issue. Average home sale prices were down about $10,000 to $566,449.
But this is not cause to panic for sellers- we've seen similar trends before, as in last year when prices flatlined for four months, then went up sharply anyway. In this live Facebook discussion, Hannah Jay interviews RealEstateSINY.com's co-owner Anthony Licciardello about the current state of the real estate market and what it means for buyers and sellers.
We also touch on the New York City Exodus and why so many people are looking to relocate because of the new tax bill.
Read our full report on SI-Dex.com: https://www.realestatesiny.net/blog-detail/a-real-estate-pullback-may-be-coming-should-you-sell-now