We are in a balanced, highly rational market. The days of blind, frantic bidding wars are over, but inventory is still historically low (averaging only about 150 to 170 active single-family listings citywide).
The data tells the story: the average sale-to-list price ratio is holding steady at 98.6% to 99.6%. This means sellers are getting remarkably close to their asking price, but they aren't commands outrageous premiums anymore. Transactions are smoother, negotiations are realistic, and properties are trading at fair market value.