It's A Seller's Market Again, Sort Of

Zillow analyzed data on sale-to-list price ratio, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the 50 largest metro areas to determine whether buyers or sellers have more negotiating power in a given market. In this analysis, a sellers’ market is not necessarily one where home values are rising, but is a market where sellers are more likely to sell their home for close to asking price and where listings spend less time on the market.San Francisco came in second as a seller's market right behind San Jose, while Las Vegas and Sacramento came in third and fourth. The two Bay Area cities make sense as the opposite geographical ends of the recent tech boom with a lack of inventory, while Las Vegas and Sacramento are probably combination of factors– banks unwilling to let homes they own damage their balance sheet, and competition between speculators amassing rental portfolios. Click on the chart above to enlarge. More detailed analysis at the link. [Zillow Blog]