WEEK 52 MARKET UPDATE 2024 is in the books!

New listings wrapped up 2023 ahead of year-ago levels. REALTORS® entered 1,599 properties into the Multiple Listing Service (MLS) during the final week of 2023 compared to 1,451 that same week in 2022. That is up 10.2 percent.

Pre-Pandemic: New listings were down 1.0 percent versus Week 52 of 2019 when REALTORS® entered 2,058 properties into the MLS.

Pending listings lost some serious ground during Week 52 compared to where they were for the same week in 2022. A total of 1,020 property listings went under contract during the last week of the year. That is down 19.5 percent from the 2022 total of 1,267.

Pre-Pandemic: Pending listings were down 26.5 percent compared to 2019 when 1,388 property listings went under contract.

Closings trailed 2022 levels in the last week of 2023. A total of 1,482 units sold during Week 52 compared to 1,648 in 2022. That is a decline of 10.1 percent.

Pre-Pandemic: Closings were down 11.8 percent from 2019 when a total of 1,680 units sold.

Showings rose fractionally versus 2022 levels. During Week 52, there were 25,490 showings compared to 25,416 the same week last year. That is up 0.3 percent.

Online Views were up 12.9% during Week 52. 

The market continues a trend toward a more balanced market favoring neither buyers or sellers. What is obvious is pricing a property too high seriously impacts the ability to sell in under thirty days. The final sales price is frequently lower than it would have been had the property been priced correctly when it was listed. The bottom line for sellers is DO NOT OVERPRICE YOUR HOME! Don't give it away but make sure you're not trying to "push the envelope" in an effort to get a higher sales price. Inventory is increasing and for the first time in several years buyers have choices on which home they will buy.

Next week I should be blogging the final year-over-year numbers for 2023.

Thank you for visiting my blog!