Is The Local Real Estate Market Softening?

Anecdotally, it seems like a maybe the local real estate market is softening... but the data certainly doesn't show it yet.

Here are a variety of current market anecdotes for you...

[1]  Many new listings are still having a flurry of showings and multiple offers and are selling at or above the list price with very few contingencies.

[2]  Sometimes a hot new listings receives just two offers instead of the five to eight that might have been anticipated.

[3]  Sometimes, new listings are coming on the market and sitting for a week or so before generating an offer.

[4]  Sometimes sellers start at one asking price and adjust it down a few weeks later after not having received any offers.

And some data...

[5]  Thus far (Jan - May) in 2022, 4.75% more homes have sold than last year.

So... is the market softening?

Items 1 and 5 above would indicate... no.

Items 2, 3 and 4 would suggest... maybe.

I'll keep monitoring the data to see if it starts to show anything different... but for now, I'm leaning more towards believing the story told by the data more than the story told by the occasional anecdote.