- Inventory increases: the number of properties for sale increases. This can be difficult to follow here on Nantucket, since many sellers remove their properties from the market for the winter and return them to the market in the spring or early summer. We had a record number of listings (478) in the fall of 2019 and currently only have 275.
2. Price Reductions: buyers are not making offers so sellers need to reduce their prices. We had over 158 price reductions since August 1st 2019.
3. Days on Market: the average days on market (DOM) starts to increase.
4. Mortgage interest rates start to rise: rates started to rise in the fall of 2018 and in January 2019 started to drop again. Thankfully the rates remain at historic lows.
5. Accelerated appreciation plateaus: you cannot run a marathon forever and the same with appreciating prices… they plateau, take a rest and then start to fall.