Months supply of inventory down this week and is now at 2.3 months in large part to new listings being down, a purge of expired and withdrawn listings from last week pushing supply down while demand increased last week constricting our market as we head into November.
- Our average daily active count remained declined, down by 0.9% with 7,056 total listings for sale, 769 of which were new listings. New listings decreased week over week by -4.2% and compared to one year ago new listings are also down -1.5% keeping inventory choices tight in 2023. Pending transactions increased week over week by 4.9% compared to last week with 701 listings going under contract. This could be due to the nice dip we saw in interest rates.
- The Odds of Selling remained flat this last weekend by at 41.0% 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 18,296 total listings available for sale which puts us at 38.6% of balance.
- 10,575 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 27 days.
- The rate of price reductions increased week over week to 52.2% 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 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- Usually at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn and expired is what helps draw our inventory down heading into the 1st quarter of the next year when demand resurfaces, and multiple offers become prevalent. Without this purge of expired and withdrawn listings we may not see the same significant appreciation we have experienced in the last decade.
