11-03-2005, 03:49 PM
| | The national real estate market is in transition
The national real estate market is in transition, executives at ZipRealty said during a third-quarter earnings announcement, and the "classic sellers market" is fading away.
Eric A. Danziger, company president and CEO, said "The average available inventory across our markets spiked dramatically ... to a level approximately 40 percent over a year ago," though sellers are still expecting a rapid rate of price appreciation and "buyers are acting more tentatively," resulting in somewhat of a standoff. The company also reported slight declines in median sales prices across its markets for the past two months.
Danziger said some markets appear to be "at the tail-end" of this transition period. "We're not sure how long this transition period will last. It just depends how long sellers take to realize they better take that offer that comes in."
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