Slow but steady entering into the last 2 weeks of December, with holidays upon us people are choosing to spend time with family or are out of town. Expect a quiet end to December
- Our average daily active count declined, down by -3.7% with 6,065 total listings for sale, 546 of which were new listings. New listings declined week over week by -12.2% and compared to one year ago new listings are up 0.7%. Pending transactions jumped week over week by 1.1% with 638 listings going under contract.
- The Odds of Selling decreased this last weekend by -1.0% to 41.5% when listing last week in the next 30 days. Overall, December average Odds of Selling from 2013-2019 was 49.8%.We are trending historically at a lower odds of selling.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 16,652 total listings available for sale which puts us at 36.4% of balance.
- 8,498 Showings were set last week, averaging 1.4 shows per property, on average it took 13 showings to go under contract in a median of 36 days.
- The rate of price reductions decreased week over week to 51.2% of units going under contract reduced their price. Price reduction size was much larger this week at -6.3% off the original price.
- It is notable that 2023 is the year where people must sell, and not necessarily want to sell and these sellers are motivated to get their home under contract. The last couple of weeks of 2023 present buyers with an opportunity to have enhanced negotiating power from sellers who are in a position where the sellers have to sell.
- Typically at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn and expired is what helps draw our inventory down heading into the 1st quarter of the next year when demand resurfaces, and multiple offers become prevalent. Without this purge of expired and withdrawn listings we may not see the same significant appreciation we have experienced in the last decade. Expired and withdrawn listings were notably up this last week, but still short of where we were one year ago.
