For the last week of data pending transactions fell to 961 units which represents a -4.8% decline week over week and for the same week vs. one year ago we are down -24.9%. This is in large part due to inventory only being 1,138 units for sale which is down -5.6% from the previous week and down -47.2% from one year ago. The good news is though, coming soons are up 25.6% from the previous week and up 74% from one year ago. Hopefully more inventory will continue to make it’s way to the market as we head deeper into 2022.
Following the 3 strike rule for price reductions for new listings from last week: Strike 1- There was an average of 22.5 shows per listing. Strike 2- 27 showings yielded a contract. Strike 3- 50% of homes were under contract in 4 days.
If your listing did not meet this criteria you may have missed the pricing sweet spot.
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