Months of Inventory up heading into the holidays at 2.4, fewer new listings, more expired and withdrawn pushed active inventory down slowing our market this week. We can expect showings over Thanksgiving weekend and buyer activity to slow substantially this coming weekend.
- Our average daily active count declined, down by -1.1% with 6,858 total listings for sale, 603 of which were new listings. New listings decreased week over week by -17.5% and compared to one year ago new listings are also down -3.5% keeping inventory choices tight in 2023. Pending transactions declined week over week by -5.5% compared to last week with 668 listings going under contract.
- The Odds of Selling increased this last weekend by 2.3% to 43.0% 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 17,435 total listings available for sale which puts us at 39.3% of balance.
- 9,643 Showings were set last week, averaging 1.3 shows per property, on average it took 14 showings to go under contract in a median of 25 days.
- The rate of price reductions slightly declined week over week to 49.5% of units going under contract having to make price reductions. Price reduction size was smaller this week at -5.7% off the original price.
- It is notable that 2023 is the year where people must sell, and not necessarily want to sell and these sellers are motivated to get their home under contract. Thanksgiving weekend is a great time for buyers to shop with less competition.
- Usually at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn and expired is what helps draw our inventory down heading into the 1st quarter of the next year when demand resurfaces, and multiple offers become prevalent. Without this purge of expired and withdrawn listings we may not see the same significant appreciation we have experienced in the last decade. Expired and withdrawn listings were both up significantly this last week. 228 Units expired, a 70.1% increase week over week and 21.3% more than the same week one year ago.