Update time. Got a doozy this week and an example of why anyone who thinks the outcome is predetermined is kidding themselves. Not only do we put the Canary on hold but perhaps we just return it to the petshop altogether.
New listings 7 (23) – you read that right! Only 7! Thats a December holiday season number not a peak listing week number.
New Pendings of 21 (32) – solid number given levels this year indicating relative balance
Thats -14
Closed sales at 26 –
Total houses for sale 71 (57) with median of $2.145M ($2M). Thats a good size drop from last week and would not be surprised to see us negative y-o-y again in another 2 to 3 weeks
I do think the 7 new listings was a bit of an outlier and see a bunch queued up in Coming Soon status. Wouldnt be shocked to see 30+ this week. I think we will get back to more typical numbers quickly but just the same it was an eye opener. We get 2 or 3 weeks like this and we can get down to strong sellers market territory again quickly. Not saying its gonna but it could as we just saw.
Pendings are slow and steady with crazy bidding wars done but its far from a buyers market here. Looking at the market about 20% is what I would consider high end and not part of the everyday market. With tract homes now selling into the $3M’s I consider the high end here starting around $4M. Still a head scratcher for me
After this week it could be a struggle to get inventory over 100. Im thinking over 120 is unlikely this year and 150 outside the realm given recent activity. So expect things to remain in sellers favor this year
