- Seasonal shift mirroring previous real estate cycles start to take effect as the selling season begins to downgrade into the second half of 2023.?
- The most units transitioning to under contract status is typically from March through July.?
- Active inventory for sale is typically at its highest in the late summer and the lowest during the coldest winter months.?
- This year, active inventory is about 25% LOWER than average years pre-pandemic.?
- Because inventory is around 1.4 months, the retraction that the market historically sees going into the second half of the year may not be as drastic due to higher demand and less inventory.?
- Expired listings are up 8.5% month over month.
- The market favors sellers more deeply than ever, not only seasonally but historically. The odds of selling, median days on market, lowest levels of inventory and interest rates are the primary driving metrics forcing our market into an extended selling season, but, homes absolutely must be priced right to move. Buyers are not interested in decently priced homes that need work.?
- July 2023 was a strong month with a higher percentage of Odds of Selling (54.9%) compared to pre-pandemic years 2013-2019, which was 52.0%.
- Last week averaged 2.2 shows per property. On average, it took 13 showings to go under contract in a median of 11 days.?
- The rate of price reductions increased to 35.0% of units going under contract having to make price reductions.?
