With the peak home buying and selling season just around the corner some sellers have to be wondering if this is the year pull the trigger. There are numerous signs the housing cycle is shifting away from the super-charged sellers’ market it used to be.

Home prices are still increasing in the Tri-Cities area market, but the growth rate has slowed. The growth rate trend is headed back to the single-digit range. And sales are posting double-digit losses when compared to where they were this time last year. It means the days of bidding wars are over. Some properties – especially those that are priced right – will always see multiple offers, but they are becoming more of an exception than a rule.

There’s no doubt demand is declining despite the fact that inventory isn’t seeing the expected pre-peak season run up. Regionally, the market seems to be stuck in the three months of inventory range even though some areas (Bristol and Greeneville are the best examples) are at balanced conditions in the $300K to $400K ranges.

Properties that were going under contract in a week or less a couple of months ago are now on the market for a month – or more. The media days on market increased to 80 in February. That’s calculated from the time a property goes on the market until it goes off so the time a property goes under contract in less in many cases. It’s a clear lower housing demand signal.

There’s no question that the Tri-Cities market is still in a seller’s market, it’s just not the super-charged sellers’ market it used to be.