Snow puts a damper on Saturday showings.
- Active inventory for sale tends to rise as we pass Easter Weekend and new listings start to make their way to market. This week active inventory rose by 4.3% over last week to 4,018 homes for sale. We are still very short on inventory as we only have 13.8% of what a balanced market would be. Based on demand last week we would need to have just over 29,000 homes for sale to create a 6 months supply of inventory.
- Months of inventory sat at 0.8 months and continues to remain tight headed into this weekend.
- Snow this last weekend could have impacted overall showing activity on Saturday as showings were down slightly this week from last week, as were pending units. 16,464 Total showings were set, down
-3.2. There were approximately 4.1 shows per property, also down this week by -7.2%. With more choices available this week and fewer buyers out shopping it took approximately 15 showings
to go under contract.
- Median days in MLS rose from 5 median days on market to 7 median days on market this week vs. last
- For units that went under contract, approximately 23.6% of those houses had price reductions. The average size of the price reduction was -4.9% or -$37,990 off the original price.
- Keep in mind there are a lot of holidays and events in the month of May. Cinco de Mayo is on a Friday, Mother’s Day is May 15th, graduations come next, and we wrap up the last weekend in May with
Memorial Day. While it’s best to try and avoid listing over holiday weekends sometimes sellers choose to move forward with listing at these times even though the statistics prove that they are less favorable. To combat some of the holiday slowdown you may want to list your property earlier in the week such as a Monday or Tuesday to try and catch people before they become occupied over the holiday weekend.