I updated all Altos reports for you to peruse - see On The Market under Stats & Markets. All are Sept 4th.
Average Days on Market (upper right hand table) Watch for change. If it’s trending up meaning it’s taking longer for a home to receive/accept an offer, then this would indicate prices are getting too high for the neighborhood.
Percent of Properties with a Price Decrease (upper right hand table) Watch for change. If this number (%) continues to increase, the shift in the market could indicate softening house prices.
Market Action Index (upper right hand table) Understanding that the neutral cutoff (market doesn't favor buyers or sellers) is 30, is the market in your area greater than 30 (sellers’ market) or lower than 30 (buyers’ market)? Each month review this number to see if it is increasing or decreasing. It's a great indicator of supply and demand.
Quartiles Note which quartile you are in and what is happening in each. In many cases markets in the first quartile perform very differently than the third or fourth quartiles. The bottom fourth tends to have more movement because there are more buyers in this market generally. Also referred to as tiered property pricing.
Enjoy and let me know if you have questions!
Crissi Avila will teach you how to buy smart. We’ll look at location, development, and turnover so you can spot opportunities long before most even start considering them.