Back to School, Back to Reality

by Steve Phillips

Hello Real Estate District,

(Click here if you want to watch the video instead of reading)

📉 The Problem

August's vibe? Summer slowdown meets pricing drama.

We’ve seen three straight weeks of declining showing activity, which is standard for August — everyone’s squeezing in one last lake day or searching for that elusive matching sock before school starts.

But here's the real kicker: Sales dropped for the third consecutive week, and price reductions are quietly creeping in through the back door.

📖 The Story

We all know what happens when school supplies hit Costco: people stop thinking about countertops and start thinking about Crayola.

That’s exactly what happened here:

Showings have declined for three weeks in a row, but that’s textbook seasonality. History tells us we’ll see a brief pop mid-September once families settle back into routines — and we should see that mirrored in sales soon.
Sales may be down right now, but based on the showing activity earlier in August, expect a pickup in sales this week. The market's not dead; it's just hungover from back-to-school chaos.
Inventory: August ended slightly above average, but early September is already dipping below the long-term norm. Translation? Things are tightening again. New listings have slowed, and expired listings are tracking at only 50% of normal. That’s a huge indicator that buyers are still out there.
Speed to sale: Homes are sitting for an average of 57 days, which is 8% faster than usual for this time of year.
Pricing tension:

Sale-to-list ratio is holding at 98%
But sale-to-original-list ratio has widened to 1.9% difference
That’s your sign from the pricing gods: If you're not compelling, you're discounting.

🎯 The Lesson

We are still in balanced but competitive market conditions — which means:

✔️ Sellers who price right from the start are still winning.
✔️ Listings that linger are likely chasing the market down.
✔️ Agents who educate and guide with data (like this) are the real MVPs.

Don’t let your clients rely on nostalgia pricing from spring — we’re playing a fall game now.

🎤 Final Thought

This isn't a market in free fall. It's a market that rewards strategy.
Lean in. Sharpen your CMA game. Have the “price it right or cut it quick” convo early.

Buyers are still showing up — but only for listings that deserve their first-weekend energy.

🔥 Happy Selling🔥

Steve Phillips

Back to School, Back to Reality

by Steve Phillips

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