Motivated sellers are creating an opportune landscape for first-time and move-up home buyers.

I hope this message finds you well. As we navigate the real estate landscape in the week of November 8-14, 2023, I wanted to bring your attention to some key insights that may shape your approach in the current market.

Market Overview:

- Months of Inventory: Stands at 2.3, indicating a tightening market with fewer new listings and a decline in active inventory. This echoes the trend observed in the deeper parts of the 4th quarter, similar to last year.

- New Listings: A decrease of -4.9% week over week and a year-over-year decline of -4.9%, resulting in a total of 731 new listings. This scarcity is influencing the choices available to buyers.

- Pending Transactions: Increased by 0.9% compared to the previous week, possibly influenced by a recent dip in interest rates, with 707 listings going under contract.

Market Dynamics:

- Odds of Selling: Held steady at 40.7%, lower than the historical November average of 49.8%. We are currently trending with historically lower odds of selling.

- Demand and Balance: To achieve a balanced market with a 6-month supply of inventory, we would need 18,453 total listings, representing only 37.6% of the required balance.

- Showings: 10,386 showings occurred last week, averaging 1.5 shows per property. On average, it took 15 showings for a property to go under contract within a median of 28 days.

- Price Reductions: 51.6% of units under contract experienced price reductions, with a larger reduction size of -6.1% off the original price.

Market Trends and Insights:

- Motivated Sellers: 2023 stands out as a year where sellers are driven by necessity rather than desire, creating a motivated market. Sellers are willing to negotiate, make repairs, and offer concessions to get the deal done.- Seasonal Patterns: Traditionally, the 4th quarter sees a rise in withdrawn and expired units. This purge helps lower supply heading into the 1st quarter, setting the stage for increased demand and multiple offers.

Closing Thoughts:

In conclusion, 2023 presents unique challenges and opportunities in the real estate market. The value of data-driven insights cannot be overstated. Understanding these trends is crucial for setting appropriate expectations for both buyers and sellers. Without data, you are just guessing. I would like you to reflect on the importance of data-driven facts in navigating the real estate landscape. Informed decisions will not only benefit clients but also contribute to the overall health and stability of our market. Thank you for your attention, and let's continue to stay vigilant and data-informed in our real estate endeavors. Thank you to @MeganAller @FirstAmericanTitle for the market insights. Those who know, know!