Some Sellers Are Finally Coming To Terms With The Fact That 2021 Pricing Isn’t Coming Back Anytime Soon

It’s Friday desk clearing time for this blogger. “According to Florida Realtors, the Naples metropolitan statistical region (MSA), which encompasses Immokalee and Marco Island, saw the largest decline in median sale prices in the single-family market between May 2024 and May 2025. Despite being far higher than the statewide median, the price of a property in Naples in May was $767,800, a 19.2% decrease from the same month the previous year. The Villages ($347,000, -11.3 percent), Sebastian-Vero Beach ($386,190, -10.2 percent), North Port-Sarasota-Bradenton ($475,000, -9.9 percent), Punta Gorda ($325,000, -14.5 percent), and Cape Coral-Fort Myers ($375,000, -9.6 percent) came next.”

“Irena Green, who spent seven days in the Hillsborough County Jail over what started out as HOA violations involving her lawn, is now facing foreclosure. But she’s not the only homeowner. Shonia Cruz Munoz says she was involved in a years-long battle over her home’s exterior paint. She said she has painted her house three times since 2015. ‘Some more months went by, I didn’t hear anything. Then I started getting these letters in the mail saying let me help you with your foreclosure. I said what foreclosure? I called my bank, they said no, and I said what is it? Can’t possibly understand. Find out it’s my HOA. They had put a lien on my house,’ Shonia said.”

“Median prices have fallen more than $100,000 from their peak in the Austin-Round Rock-San Marcos metro area in Texas, as well as in San Francisco, according to ICE. Florida is home to nine of the 10 major markets that posted the biggest monthly drops in June. In two of them, North Port-Bradenton-Sarasota and Cape Coral-Fort Myers, prices peaked in June 2022 and are down by more than $50,000 since then.”

“After years of buyer frenzy and seller bravado, Denver’s luxury market is undergoing a significant correction, creating opportunities for buyers seeking seven-figure homes. ‘Buyers in the $1 million range have all the leverage right now,’ said Brett Johnson, owner of Colorado’s New Era Home Buyers. ‘Some sellers who listed in early spring are finally coming to terms with the fact that 2021 pricing isn’t coming back anytime soon.’ With a $1.5 million budget in Berkeley, options abound. Christine Dupont-Patz, broker and co-owner at Denver’s Re/Max of Cherry Creek Inc. added current listings in the neighborhood are seeing reductions of up to $75,000. Ranch homes dominate in University Park, which saw the largest share of price reductions at 49.7%. ‘I closed a $1.2 million deal last year where the seller dropped $200,000 because they couldn’t compete with new construction next door,’ added Preston Guyton of EZ Home Search.”

“Amid stabilizing home prices and a greater availability of homes for sale, California’s housing market rebounded in June, but remained below year-ago levels, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today. ‘The proportion of homes closing above asking price has declined, reflecting a reduction in the intensity of bidding competition. As a result, sellers are demonstrating greater willingness to negotiate on pricing, concessions, and other terms, which creates more advantageous conditions for those considering a home purchase,’ said C.A.R. Senior Vice President and Chief Economist Jordan Levine. In the six months since the January Southern California wildfires, not surprisingly, the city of Altadena experienced a steep decline in home sales on a year-to-date basis, dropping by 54.8 percent compared to 2024. Pacific Palisades saw an even more pronounced contraction in market activity, with closed sales plummeting by 83.8 percent over the same period. The median price of a home in Altadena decreased significantly for the first six months of the year, falling by 39.1 percent from $1,425,000 in 2024 to $867,500 in 2025. Pacific Palisades also saw substantial price erosion, with its median home price declining by 23.7 percent from $3,310,000 in 2024 to $2,525,000 in 2025.”

“According to Urbanation‘s Q2-2025 Condominium Market Survey, there were only 502 new condo sales recorded in the Greater Toronto Hamilton Area’s across the entire quarter. That’s 10% below Q1-2025’s sales, 69% below the year-ago level, and a remarkable 91% below the 10-year average. Meanwhile, sales by developers in completed new condo projects totalled a mere 131 units last quarter, bringing standing inventory levels to 60 months of supply. ‘Project cancellations are mounting, construction starts are collapsing, jobs are being lost, buyers are losing a lot of money, and developers are facing difficulties with closings,’ said Shaun Hildebrand, President of Urbanation.”

“Infuriated residents on the recently built Hollington Grange estate in Staffordshire liken their housing area to a ‘war zone,’ after enduring over a year with it remaining incomplete. Families are putting pressure on the developers to rectify issues with the roads, drains, and footpaths. Homeowners, who shelled out approximately £300,000 for their properties, have raised safety concerns due to inadequate street illumination making the estate ‘dangerous’ at night. PHD student Charlie Brayson, 25, who settled into a two-bedroom house with his girlfriend last year, touched upon his own home-buying experience: ‘We were one of the last houses to sell, they knew that all of the houses were done and moved into and it’s still taken ages. It doesn’t look nice either. When I have people come see the house and the estate isn’t finished, it’s not a great look. It’s a little bit embarrassing.'”

“In Jerusalem, the number of new apartments purchased in March-May 2025 fell almost 60%, in Tel Aviv more than 50%, and Beersheva did not even make the table. The supply of apartments continues to break records and has already reached 81,000 housing units, which is over a year of building starts, the Central Bureau of Statistics reports. To get rid of this inventory, developers will need 30 months, according to the current pace of purchases. This is a pace three times slower than 4 years ago, when the market was at its peak.”

“Coromandel’s David Reid Homes collapsed owing almost $4m and may have breached the Companies Act, according to a report from liquidators. The company was placed into liquidation at the High Court in Hamilton at the end of November last year after an application from subcontractors Montage Group Ltd. They claimed they were tens of thousands of dollars out of pocket after a string of broken promises – and still don’t believe they’ll see a cent – while buyers have been left with unfinished homes. Titan Roofing owner Ross Sperry and Montage Kitchen and Joinery director Jared Monk are among those owed money by the collapsed firm – and launched legal action that led to the liquidation.”

“Sperry said he was owed $30,000, and didn’t believe he’d see a cent. ‘I don’t think we’ll see any money,’ he said. ‘It hurts.’ Monk told the Waikato Times he was owed ‘just under $100,000 – $94,000.’ He said that as a precautionary measure he had sold some property to ensure he had cash on hand to keep his business running – and also doubted he would ever be compensated for the loss.”