Inventory is likely to continue to decline until March or April constricting our market and driving us deeper into a seller's market.
With football games limited to only Sunday last week buyer activity picked up in showings and pending transactions. Week over week there was a 22.4% jump in showing activity with 14,616 total showings that were set which created an average of 3.6 shows per week. Showings have been steadily increasing since the beginning of the year and will continue to gain momentum through April. I've been reminding you that showings will increase 30-40% directly following Super Bowl Weekend. Super Bowl is later this year, and the weekend directly after is President's Day weekend. I still anticipate a pick up in buyer activity even with the 3 day weekend with the exception of homes over $1,500,000 which will likely pick up the weekend following President's Day.
Inventory continues to remain tight, dropping by another -3.9% this week down to 4,116 homes for sale headed into last weekend. Inventory is likely to continue to decline until March or April constricting our market and driving us deeper into a seller's market. Buyer activity picked up this week 7.0% with 923 units going under contract. This continuing shift between the relationship of supply and demand forced us down to 1.0 months of inventory, extreme seller's market territory. Supply in months tends to fall until May, when this number drops below 1.0 months multiple offers become increasingly likely.
