February 23rd Weekly Report

February 23rd Weekly Report

  • Megan Aller
  • 02/23/23

Not quite the same pick up as previous years, but buyer activity is up none the less.

This year is unique as compared to previous years whereas the Super Bowl and President's Day weekend are back to back. Historically we have seen a pickup the weekend directly following the Super Bowl, to the tune of 25-30% increase in buyer and showing activity. We were uncertain if the same pick up would occur this year with the change in the schedule of two busy weekends. Showings this weekend picked up 8.6% from last weekend with an average of 3.9 shows per property and a total of 14,387 showing set through Showing Time. Listing activity also increased by 9.6% with 858 new listings entering the market, but many of these properties were picked up in the first weekend as our average daily active count dropped another -3.1% from last week. Inventory remains tight as New listing activity is down -18.5% from the same week one year ago. Pending units saw an increase of 3.9% week over week, the buyers are out there looking, but are being more discerning about what they purchase this year looking at an average of 15 homes before going under contract.

The odds of selling is where I take into account all of the active inventory vs. those that go under contract and or close in the same week. Pre-pandemic the highest I had ever measured this metric was 61%. As of this last week the odds of selling was sitting at a healthy 61.4%, which is right on pace with where we should be based off of data from 2013-2019. While we are not hitting the same peaks as we did from 2020-2022 this is a much more stable and healthy market. This number will continue to increase until the end of April when more inventory begins to make it's way to market.

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