NEW LISTINGS continued to run substantially ahead of 2022 levels during Week 47. REALTORS® entered 1,666 properties into the Multiple Listing Service (MLS) compared to 1,370 last year at this time. That is up 21.6%.

Pre-Pandemic: New listings were down 27.9 percent versus Week 47 of 2019 when REALTORS® entered 2,310 properties into the MLS.

PENDING LISTINGS remain behind 2022 levels but are down only 7.1%. A total of 1,225 property listings went under
contract during Week 47. That is down 7.1% from the 2022 total of 1,319.

Pre-Pandemic: Pending listings were down 40.7% compared to 2019 when 2,067 property listings went under contract.

CLOSING crept ahead of 2022 levels following a slight decline last week. During Week 47, a total of 1,089 units sold compared to 1,072 in 2022. That is up only 1.6% but if this trend continues it will be good news.

Pre-Pandemic: Closings were down 37.8% from 2019 when a total of 1,751 units sold.

SHOWINGS (in-person) remain ahead of 2022 levels. During Week 47, there were 21,789 showings compared to 20,367 the same week last year. That is a 7.0% increase. In my opinion this is the most encouraging statistic because it defines on the ground activity. Having said that one reason for the increase is buyers are viewing more homes than over the past few years when there was only one or two homes to view.

Pre-Pandemic: Property showings were 5.3% above where they were in Week 47 of 2019 when consumer traffic totaled 20,698.

HAR.com LISTING VIEWS were down 1.4% (basically flat). This number neither concerns or excites me.

SELLERS WITHDREW a few more property listings from the MLS during the week ending November 27 than that same week in 2022. Off-market listings rose 4.8% with a total of 961 homes going from active to off-market compared to 917 last year.

Pre-Pandemic: Sellers withdrew fewer property listings compared to Week 47 of 2019 when off-market listings totaled 1,334. That is a drop of 28.0%.

The bottom line is due to the increase in interest rates and home prices our market continues to struggle. If you're considering buying a home you should consider a new construction home. Several builders are offering interest rates as low as 3.75 to 5.25%. I can help guide you in making the best decision. 

NEVER EVER buy a new construction home without being represented by a licensed Realtor. The builder's sales people work for the builder. They do not have your best interest at heart and if there is a problem you are left to resolve it on your own. 

Thank you for visiting my Blog this week!

David Hageman

713.494.1402

david@davidhageman.com