Months of Inventory holding at 2.3, fewer new listings and active inventory came down retracting our market this week. Slowing into the deeper parts of the 4th quarter as they did last year
- Our average daily active count declined, down by -1.7% with 6,936 total listings for sale, 731 of which were new listings. New listings decreased week over week by -4.9% and compared to one year ago new listings are also down -4.9% keeping inventory choices tight in 2023. Pending transactions increased week over week by 0.9% compared to last week with 707 listings going under contract. This could be due to the recent dip we saw in interest rates.
- The Odds of Selling remained flat this last weekend by at 40.7% when listing last week in the next 30 days. Overall, November average Odds of Selling from 2013-2019 was 49.8%.We are trending historically at a lower odds of selling.
- Based on demand from last week to put our market into balance with a 6 month supply of inventory we would need to have 18,453 total listings available for sale which puts us at 37.6% of balance.
- 10,386 Showings were set last week, averaging 1.5 shows per property, on average it took 15 showings to go under contract in a median of 28 days.
- The rate of price reductions slightly declined week over week to 51.6% of units going under contract having to make price reductions. Price reduction size was larger this week at -6.1% off the original price.
- It is notable that 2023 is the year where people have to sell, and not necessarily want to sell and these sellers are motivated to get their home under contract.
- Usually at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn and expired is what helps draw our inventory down heading into the 1st quarter of the next year when demand resurfaces, and multiple offers become prevalent. Without this purge of expired and withdrawn listings we may not see the same significant appreciation we have experienced in the last decade.
