January 18, 2022
Sellers Reaction To Lower Inventory - Is It Enough?
This week we saw the number of sales increase year over year from this same time last year by 63% while the number of active listings declined by 33% during this same time.
In addition, the median and average price has increased year over year by nearly the same amount, about 9.6% and 9.2% respectively.
This is important to analyze as usually our market is in a bit of decline in January/February due to seasonality (which is a fancy way of saying the cold!). This is not the case this year as buyers are still out in full force viewing, bidding and finding their next home.
Compared to last week, we have the following:
Sales are up 31%
New listings are up 43%
Active listings are up 3%
The median price grew 2%
The average price grew 1%
The days on market grew by a single day to 48
The key indicator to take away from the summary above is the increase in new listings of 43% but only an increase of 3% in active listings, whereas sales grew by 31%.
Even with a significant inflow of new listings to the market week over week, we are still in a significant shortage that will continue to exist as our replenishment of active listings are not able to meet or outpace sales.
If you appreciate this information and would like to learn more about what your home is worth, send me an email with a little bit of information about your home and I can work on getting you a market report of how it stands in today's market. My email address is firstname.lastname@example.org
Thanks for your time, take care and be safe.