“How's the Market?" May 15th edition

“How's the Market?" is the question most frequently asked of us Realtors, and with good reason. The housing market is a reliable indicator of the overall health of the economy, regardless of whether you're buying, selling, or investing.? I'll continue answering the question by sharing Monday morning updates on housing market activity in the geographical area shown above.

This spring housing market continues? in the last two decades (likely even longer). Buyers have come to grips with? interest rates hovering above 6%...but sellers are extremely reluctant to give up their below 4% rates, and the divergence is painfully evident. The impact of the critically low inventory has created additional anxiety as evidenced in the return of multiple offers and the pace of listings going under contract. The chart below reflects the erratic nature of the first four months of this year; the blue line tracking new detached listings, and the red line representing detached properties going under contract.?

Oh Spring Market, we took you for granted, and we miss your predictability, please come back!???????????

???????????Between Thursday May 11th and Sunday, May 14th :

• 18 properties came on the market?
• 16 detached properties, ranging from $499,000 to? $1,425,000
• 2 townhouses, ranging from $480,000 to $799,000

During? the same period?

• 13 detached properties went under contract
• 7 of those were under contract? in 7 days or less
• 5 were under contract in 4 days or less

????????????Homes that have been on the market for 30 days or more.

In order to provide a more thorough overview of the market, I've been tracking another category that is often overlooked by buyers just entering the market. Homes that have been on the market for more than 30 days represent overlooked opportunities for buyers as sellers feel the pain of overpricing and are then forced to correct their pricing as they chase the market down.?

In the first week of 2022, there were 32 single family homes in the 30+ days category. In the first week of 2023, that inventory was at 108 units. Today that number now stands? at 37.?

• 14 of these homes are priced under $1,000,000, and of those,?
• 7 had at least one price reduction.?
• 24 have been on for 60 days or more?
• 13 have been on the market over 4 months
• The current record-holder has climbed to 802 days on the market.

Pray for Peace in Ukraine