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Market Velocity: Quick Hit Mid February

The sellers market continues as inventory hits lowest levels in 20 months.

Showings are on track with the first 45 days of 2023, actually daily showings are up a couple. BUT there is 40% less inventory. So more showings per listing. Properly prepared and marketed homes are seeing activity not seen since the craziness of spring 2022. We are not anticipating the 30-40% price jumps seen in 2022, but we certainly do not see home values dropping.

What this means to our clients. We are advising clients to refresh or relaunch listings, make small changes that add to marketability and increase value 3-5X vs. spend. Price reductions should only be considered when all options are exhausted and can be validated by market activity. We know the market will continue to buzz over the next few months (as we learned in an earlier post). The positive talk about interest cuts and lower mortgage rates will motivate buyers. Every sub-market is different and we can do a deep dive into activity, pricing and ancillary market factors impacting value.

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