Every morning I look at a market “Hotsheet”. My hotsheet shows me all of the changes in the MLS system that have happened since the last hotsheet in my market area. I look at all of the new listings, peruse the price reductions, check out what houses have gone under contract and check final sales prices. It keeps me on top of the market on a daily basis. The hotsheet takes on a different personality under different market conditions. In a Sellers market you will see a good number of new listings, not many price reductions, lots of houses going under contract, houses selling for close to their listing prices and very few withdrawn or expired listings. This is not how my hotsheets have looked lately.
During a slower market you will see a fewer new listings, tons of price reductions, a moderate number of homes under contract, sales prices under the list price and many homes withdrawn or expired.
I just compiled the data for the past month for all residential listings in Boulder, Louisville, Lafayette and Longmont. I found that there are more houses either being withdrawn or expired than there are selling. Many sellers who are not totally committed to selling their homes (overpriced) are giving up after awhile. What led me on this journey in the first place is the large number of price reductions on a daily basis. Over the past month there have been more price reductions than new homes on the market.
The market continues to be difficult for sellers who are not totally realistic about the market conditions. Buyers are picky and savvy as to prices. In order to be the one to sell you must be outstanding in price, condition and staging.