This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
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In the condo market, we are seeing more homes available than we did last week, up to 298 in the under 1MM segment and to 404 in the over 1MM segment, which is about 30 more than last week. That said, new listings were down, indicating there are perhaps a few less buyers this last week than before, as inventory is growing. We also saw the Sale Price to list price of newly listed condos decrease by 7% to 107% of the asking price, indicating that people are less willing to go as far over the list price as before.
Single Family Home
In the single Family Home Market, we have about the same number of listings as last week, with 32 in the under 1M segment and 103 in the under 2M segment. New homes are also down by 13 in the under 2M segment as well, with pending matching new listings. DOM is still at 11 days, with the Sale Price to list price of newly listed homes remaining at 24% above list price.
In the luxury market, we saw another week of tightening availability, down 1 in the under 3M segment to 29 and down 8 in the over 3M segment to 53. DOM is maintained at 12 days in both segments. No change in the sale price to list price of newly listed homes as well, as they stayed at 26% and 10% above list in the respective categories.
In summary, we had 19 fewer listings than last week, but have 19 additional homes available this week. This growing inventory is typical of the season, as last year at this time there were 720 homes for sale in March and it looks like we are on track to hit that number, with 520 so far this month. What we are seeing is more buyers than ever for the same number of properties, which is fundamentally driving up the prices to all-time highs.
Last, the Federal Reserve raised the overnight lending by .25% and said it plans to continue to do that for the next several quarters. This has caused lenders to raise rates accordingly, and most lenders expect this to continue for the next couple of years. This has the potential to slow buyer demand, especially in the sub $2M segment, where most homes are still purchased with loans. Stay tuned over the next few weeks to see if this slows buyer demand or not.