Healthy inventory, contracts, new listings and prices.  But showings are slow…what the heck?

 

Inconsistent with the stories of multiple offers over asking price, the average property only received 2.71 showings last week.  As interest rates, economy and political circumstances remain…weird, maybe buyers are just cautious.  

But as we’ve said, the buyers that are active, are serious.  It took only 16.12 showings on average to get a contract as of last week, the lowest we’ve seen this time of year for which we have record. 

Single Family Homes

 

Single family homes are performing well in every characteristic this year, except total volume of homes sold.  

 

The average sold price was $808,732 last week, just $300 under the crazy year of 2022 and  $64,000 higher than the same time last year.  And, a whopping $142,000 higher than 2021.

New Listings, Under Contract and Sold Properties

 

Since the beginning of the year, new listings have outpaced 2023 and over the last 4 weeks, under contracts properties have done the same.     

But Sold Properties continue to lag behind.  I can only attribute this to buyers who express desire but lack commitment.  Too many stories abound of buyers getting the home they want and then “freaking out.”  

981 properties went under contract last week and 177 went back on the market after falling out of contract.  That’s 1 out of every 5.5 contracts.  That’s a great backup opportunity for buyers, but a terrible ratio for sellers.  

 

So what action do we take?  Talk to them.  Be honest and let them know what we are experiencing in this market.  If you are working with a buyer, honor them, yourself, your time, the other agent and the seller by having the “are you sure you are ready for this”, conversation.    

 

When representing your sellers, make sure to vet not just the offers, but the agent and the buyer.  I know you do, but scrutinize them, if you can.  Ensure the agent is strong and the buyer is as committed as you can assess.  

 

The honesty with which you communicate with all parties will greatly increase your seller’s success and markedly reduce your efforts with buyers who are just not yet ready.  

 

Other Stats

1. Days on Market

    • Single Family Homes-27.66
    • All Properties Types- 32.81

2. Average Seller Concession-$5,468

3. Percent of Properties Sold Above and Below Original Asking Price

    • Above – 29.3%
    • Below- 50.4%

4. Percent of Properties Experiencing a Price Reduction-37.3%

5. Inventory-5,620 homes