Three listings on Fort Stockton Drive have cut their asking price in the last six weeks. That's not a crash. But it is a shift, and I think people should pay attention.
For most of 2024, Mission Hills sellers could price ambitiously and still get offers within a couple of weeks. That patience from buyers has cooled. What I'm seeing in the MLS right now is average days on market creeping up to around 30 in Mission Hills, compared to roughly 18 this time last year. The gap isn't dramatic on paper, but when you're a seller watching your listing sit, it feels dramatic.
Here's where I'll share an opinion that might ruffle a few people. I think some sellers in this pocket are still pricing based on early 2024 comps, and that's a mistake. The spring market isn't rewarding aspirational pricing the way it did twelve months ago. Buyers have more to choose from. Inventory across the 92103 zip is up close to 20 percent year over year, per what I pulled last week. That changes the dynamic.
If you're a buyer, especially someone looking at the $1.2 to $1.8 million range in Mission Hills or Hillcrest, this is your window to negotiate. Not aggressively, but with real leverage. Sellers who've been on market 25 plus days are listening differently than sellers on day three.
If you're a seller, the move is simple. Price it right from the start. The first two weeks of a listing still matter more than anything else. Overpricing by even five percent and then chasing the market down with reductions sends a signal that works against you.
For investors watching North Park and University Heights, the math is shifting too. I'm seeing a few more small multifamily properties hit the market, and cap rates are inching up slightly. Still tight, but better than six months ago.
After 25 years doing this, I've learned that markets don't announce their turns with a headline. They whisper. A price cut here, a longer listing period there. Fort Stockton is whispering right now.
What are you seeing in your search? I'd love to hear if this matches your experience.