As you can clearly see in the above chart, homes are only selling at 93% of the list price (or 7% below) in American Canyon. There is a clear downward trend beginning last May and continuing on into last March. Additionally, the average number of days on market has shot up. To answer the unasked question: no, the market isn’t necessarily slowing down. American Canyon is an anomaly. The average sales to list price in the region is still 102% and the average number of days on market is still less than a month
These American Canyon numbers are a clear warning sign to sellers: overprice at your own peril.
Regionally, the median sales price rose 12.6% from last March. Inventory is rebounding slightly. Homes on the market are up 34% from last March; there were just a handful fewer new listings this year from last year. Pending sales are rising at approximately the same rate as homes for sale, so it does look like the underpinnings of the real estate market is fairly solid. Most experts are readjusting their forecasts upwards. For now, American Canyon really does look like an outlier.