Pending units continue to increase, even more so in the over $1,000,000 segment.
Now that we have the Super Bowl and President's Day weekend behind us the market has really gained momentum. Inventory continues to drop with only 3,633 active units for sale heading into last weekend, but new inventory making its way to market jumped by 5.7% over the previous week with 907 units listed. This however was not enough to offset the overwhelming amount of demand with an increase in pending units going up by 9.1% week over week putting 1,023 units under contract. We are truly in our Compression Cycle where we have more buyers in the market than homes to sell. In speaking with listing agents who put properties under contract this week approximately 35% stated that they were in multiple offer situations. More to come on that next week when I pull the monthly numbers for February.
I want to shine a spotlight on the market over $1,000,000. Pending transactions this last week increased week over week by 35.6% with 61 units between $1,000,000-$1,500,000 units going under contract. Months of inventory dropped to 1.2 months making this market competitive again. The odds of selling increased 6.8% over last week to 55.5% which is a very healthy number. Median days in MLS plummeted to 6 days, with only 15.8% of homes making price decreases with an average of -8.2% off of the original list price. Homes that are staged in this price range, with great photography, pre-inspected, updated and in great locations are absolutely flying off the shelves.
