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David Hageman
ABR, AHSS, ALHS, AREP, CLHMS, CRP, MRP, QSC
4.99/5 View Ratings
Century 21 Realty Partners
4.99/5 View Ratings
PENDING LISTINGS trail 2022 levels. A total of 1,636 property listings went under contract during Week 48. That is down 1.7 percent from the 2022 total of 1,716.
Pre-Pandemic: Pending listings were up 7.8 percent compared to 2019 when 1,517 property listings went under contract.
CLOSINGS remained solidly ahead of 2022 levels during Week 48 when a total of 2,004 units sold compared to 1,731 in 2022. That is up 15.8 percent.
Pre-Pandemic: Closings were up 37.1 percent from 2019 when a total of 1,462 units sold.
NEW LISTINGS held a strong lead over where they stood a year ago. During Week 48, REALTORS® entered 2,782 properties into the Multiple Listing Service (MLS) compared to 2,254 in 2022. That is up 23.4 percent.
Pre-Pandemic: New listings were up 89.1 percent versus Week 48 of 2019 when REALTORS®
entered 1,471 properties into the MLS.
Sellers withdrew more properties from MLS during week 48 than in 2022. Off-market listings jumped 21.2 percent with a total of 2,066 homes going from active to off-market compared to 1,704 last year. NOTE: NEW LISTINGS WERE UP 23.4 PERCENT WHICH INDICATES THE MARKET INVENTORY IS NOT CHANGING WITH ANY SIGNIFICANCE.
Pre-Pandemic: Sellers withdrew more property listings compared to Week 48 of 2019 when off-market listings totaled 1,707. That is an increase of 21.0 percent.
SHOWINGS slipped slightly behind 2022 levels. During Week 48, there were 28,608 showings compared to 29,824 the same week last year. That is a decrease of 4.1 percent.
Pre-Pandemic: Showings were only 1.0 percent behind 2019 when consumer traffic totaled 28,911.
If I could share one word with home sellers it would be "PATIENCE". The sky is not falling; Chicken Little was a fairy tale. Change your mindset to not worry if your home does not show for a few days or even a week. Making unwarranted price reductions not only impacts the value of your home but statistically impacts the entire market. HOWEVER it is critical to NOT OVERPRICE YOUR HOME!
Home valuations should not be only about looking at historical data but at market trends. This is what makes the Weekly Snapshot so important in today's economy.
