The year 2018 was one of ebbing expectations. Early in the year the local market was still rather robust with limited inventory and relatively strong demand from buyers. Sellers were still seeing multiple offers – though fewer than last year – and selling prices often exceeded asking prices. This is the model both buyers and sellers had come to expect, the new normal that began in earnest in 2013-2014 as we recovered from the Great Recession.
Then summer arrived. You could almost smell it in the air – buyers had had enough of escalating prices, multiple offers, trying and trying to get a house only to find something that was less than they wanted for more money than they wanted to spend.