The New Normal Will Become An Older Normal
This past Monday I opened the MLS website for agents and hit what I call is my "Hot List". The "Hot List" is a summary of all the new listing, pendings, solds, price cuts or raises, withdrawn and expired properties for that day. or week. 24 price cuts for my universe of real estate. 11 price cuts in Redwood City, for an average 5.62% price cut for an average list price of $1,830,000. A 6.78% price cut in Palo Alto in 5 listings at an average list price of $3,756,000. Menlo Park has 3 cuts to average 5.63% on an average list of $2,498,000. Atherton has 3 cuts to average 7% on an average list of $7,848,000 and 2 transaction fell through. Summer clean up of inventory? With inventories low it would seem that prices would remain stable. Too many cuts to warrant a low inventory market. The week has been loaded with news articles on renters, both residential and commercial. The jury is out on this one. Stories abound on landlords that will not relent on ren