The third quarter median and average price each fell about 6% from the same quarter of last year. Despite the drop, the median price of $2,350,500 is still 75% over the market’s low point of $1,068,000 in February of 2011. The disappointing third quarter results come on the heels of a minor spring rally off the stock market woes of earlier this year.
Despite continuing low inventory, buyers appear to be taking a wait and see attitude. Sellers are responding by sticking to their guns and some have taken their property off the market hoping for a return to better days. Time will tell who is right, but the absence of homes for sale in the face of strong sidelined demand seems to favor the sellers in this giant game of chicken.