Despite a bitter cold weekend coupled with a 3 day weekend buyer activity continued to pick up over MLK weekend
- Our average daily active count was flat, slightly up by 0.9% with 4,651 total listings for sale, 703 of which were new listings. New listings increased week over week by 4.3% and compared to one year ago new listings are down -0.7%. Pending transactions increased week over week by 10.3% with 736 listings going under contract.
- The Odds of Selling increased this last weekend by 2.5% to 48.8% when listing last week for the next 30 days. Overall, January’s average Odds of Selling from 2013-2019 and 2023 was 56.0%.We are trending historically at a lower odds of selling but picking up quickly.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 19,210 total listings available for sale which puts us at 24.2% of balance.
- 11,043 Showings were set last week, averaging 2.4 shows per property, on average it took 15 showings to go under contract in a median of 33 days.
- The rate of price reductions decreased week over week to 39.0% of units going under contract reduced their price. Price reduction size was the slightly larger this week at -5.2% off the original price.
