Market slowing into the 4th quarter creating buying opportunity to negotiate
- Months supply of inventory is rising and is now at 2.3 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 remained flat, up by 0.1% with 7,073 total listings for sale, 850 of which were new listings. New listings decreased significantly week over week by -4.2% and compared to one year ago new listings are down -0.2% keeping inventory choices tight in 2023. Pending transactions remained declined compared to last week with 719 listings going under contract.
- The Odds of Selling remained flat this last weekend by -0.1% to 42.7% 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 18,766 total listings available for sale which puts us at 37.7% of balance.
- 10,651 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 23 days.
- The rate of price reductions increased week over week to 47.8% of units going under contract having to make price reductions. Price reduction size was much larger this week at -6.6% off the original price.
- It is notable that 2023 is the year where people have to sell, and not necessarily want to sell. Usually at the end of September and into the 4th quarter we see a rise in withdrawn and expired units. This purge of listings going to withdrawn or expired is not happening this year. When comparing the same week one year ago withdrawn transactions are down -21.1% and expired listings are down -22.2%. Sellers are hanging in there and are willing to negotiate to get their homes sold in 2023.
