Slight rebound in the market following Halloween Weekend
The market rebounded with more showings and more buyer activity following Halloween Weekend. Active inventory is starting to trickly off as we get closer to the holiday season, with a jump in withdrawn listings. This year-end purge of expired and withdrawn listings is what typically helps fuel our spring market. We'll continue to watch these numbers closely. Supply in months dropped this week back down to 2.0 months worth of inventory, constricting our market.
Based on data this last week the numbers came into 14 showings should yield you an offer. If you have had a total of 14 showings and no offers it may be time to make a price reduction. Keep in mind, it's taking longer to get buyers through properties with an average of about 1.6 shows per property per week. Median days on market this week for pending transactions was 24. Patience is key in this market.