Spring Break Slows the Market
Spring Break is sprinkled across the market at various weeks in March and is slowing the market down in each of these areas as people head out of town. This week we saw inventory rise ever so slightly to 3,721 units for sale, new listings were down by -8.8% week over week to 993 and pending listings slowed by -6.9% from the previous week with just over 1,000 units going under contract. Overall, the market remained at 0.8 months worth of inventory signaling that multiple offers may still happen within inner land-locked suburbs. The Odds of Selling was at 64.4% this week, even though showings dropped by 9.3% across the metro area and we averaged about 3.7 shows per property per week. For units that went under contract last week it was approximately 14 showings to go under contract in a median of 8 days. Price reductions are slowing with 25.7% of homes that went under contract last week making price reductions, and the size of the price reduction was down as well to -4.8% of the original price.
