Super Bowl weekend took a hit in the buyer pool.
Super Bowl was this weekend and what a game it was. Super Bowl historically takes approximately 10% of the active buyers out of the market this weekend and this year was no exception. This year we saw an -11.9% decline in pending units with 903 properties going under contract and a 10.9% decline in showing activity for a total of 13,247 showings set. With the market anticipating a slower weekend over the Super Bowl new listing activity was down -5.1% with only 783 new listings making their way to market. Active inventory continued to dwindle, down another -4.1% week over week to 3,766 units for sale and is down again headed into this weekend. I anticipate buyer activity to pick up for homes under $1,000,000 headed into President's Day weekend, but the market may lag for another weekend for higher priced homes as more expensive sellers head to the mountains to enjoy the 3 day weekend.
There is a pool of buyers over $1,000,000 right now that are furiously hunting for their perfect property. These buyers are looking for turnkey, staged, pre-inspected homes that show incredibly well. These homes that are ready to go are selling at record pace. This last week homes between $1,000,000 to $1,500,000 were under contract in 6.5 median days and homes between $1,500,000 to $2,000,000 we on the market for only 6 median days.
Here is the overall snapshot for you, it's formatted perfectly for a social media post and I would love to be tagged if you use it!
