Pop of activity and purge of expired and withdrawn listings.
As we head into the holidays we expect a purge of withdrawn and expired listings as sellers pull their home from market to enjoy time with family. This purge of listings is imperative to drive inventory down and to help kickstart our New Year heading into 2023. With the help of fewer new listings entering the market inventory is beginning to drop. This week we saw a 9.9% increase in the number of expired listings and an 18.7% decline in new listings from the week prior. Active inventory is now sitting at about 6,670 heading into this weekend. Month's supply of inventory dropped from 2.2 months to 2.0 months of inventory.
In fact, month's supply of inventory dropped at all price tiers with the exception of the $1,500,000-2,000,000 price range. Things have really started to cool down here with demand slowing way down driving our months of inventory in this price range up to 6.4 months of inventory. This is up from 5.9 months last week and up significantly from 2 weeks ago where it had been hovering around 3.9 months of inventory. Buyers will have continued negotiating power in this price range if demand doesn't pick up or supply doesn't go down. It's a great weekend to get your buyers out there as showings typically drop over Thanksgiving weekend by 50%.
