The Holidays are upon us, no one told the real estate market.
The market rolls on as one of the toughest Q4’s on record for buyers looking for a home. Some of the more notable stats are that detached single family active homes for sale declined by 23.8% month over month putting us 11.1% less than the same level of inventory one year ago. We pay close attention to the level of inventory heading into the new year as an indication of what spring months will bring. Looks as though we are teeing up for another intense spring and it’s unlikely that we will see significant levels of inventory making their way to the market until later in 2022, possibly April or May. The rate of multiple offers reached their lowest levels in 2021 in November with only 25.3% of homes closing for over their asking price. This is a sharp departure from what we saw back in June 2021 with 78.1% of homes selling for over their asking price. Here’s the full grid of updated for you.
I can not stress how important it is to have buyers who are challenged with multiple offer situations out now and to be taking advantage of holiday distractions. Showings per property dropped over 50% over Thanksgiving weekend when compared to the first weekend in December. The next opportunity for less competition in the market will be the week between Christmas and New Year’s Day. If mild weather patterns persist, we are shaping up to have a rapid fire start to the year directly following New Year’s Day. Take advantage of low rates and less competition before the market starts full force in 2022.
Nicole Rueth and I will continue our Friday updates in January 2022, on the 2nd and 4th Friday of the month. Registrations are now available here: https://bit.ly/3lTCYvy If you would like to see today’s recording you can catch that here: https://bit.ly/33ldVv1I hope to see you at our closing tables in 2022, please reach out if I can be of assistance to you!
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