Great opportunity for move up home buyers, this window will last through Q4
- Months supply of inventory is rising and is now at 2.2 months which gives buyers an opportunity to negotiate, have inspection items repaired, not waive appraisals and have sellers help with concessions to either buy down the rate or cover closing costs.
- Our average daily active count increased 2.0% with 7,068 total listings for sale, 887 of which were new listings. New listings decreased significantly week over week by -10.1% and compared to one year ago new listings are down -11.3% keeping inventory choices tight in 2023. Pending transactions remained flat compared to last week with 755 listings going under contract. • The Odds of Selling increased this last weekend by 1.0% to 42.9% when listing last week in the next 30 days. Overall, October’s average Odds of Selling from 2013-2019 was 49.4%.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 19,706 total listings available for sale which puts us at 35.9% of balance.
- 10,535 Showings were set last week, averaging 1.5 shows per property, on average it took 14 showings to go under contract in a median of 19 days.
- The rate of price reductions decreased week over week to 45.0% of units going under contract having to make price reductions. Price reduction size was the smaller this week at -5.9% off the original price.
- It is notable that homes over $1,000,000 has more inventory now than we have seen in years. This presents move up buyers a phenomenal opportunity to sell their average priced home and move up with the strong potential to negotiate favorable terms with motivated sellers.