Just like in MM I was away last year and dont have year over year numbers here either
New listings 20 a little lighter than expected
New Pendings of 21 demand waning
Thats -1
Closed sales at 16 –
Total houses for sale 98 with median of $2.05M
(copied from MM monitor as its the same story)
This looks like it could be the beginning of a market shifting into stagnancy. The mainstream media is starting to write about this also. Demand is falling rapidly but new supply is also. We could settle in to a narrow range where volume is very low without much movement on pricing unless supply starts spiking.
One thing to look for with low demand is the departure of many of my colleagues over the next couple years. Less volume, less paychecks for agents. This could and should happen regardless of what happens with pricing.
Today we saw two of the poster child brokerages for living off of public market money (Redfin and Compass) announce significant layoffs. Pricing of homes is not particuarly relevant to them. Sales volume is relevant to them and thats falling quickly.
