This is a weekly YoutTube vlog series dedicated to informing YOU about the last week's market movements.
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Text of Video:
Starting in the condo segment we saw about 150 last week, bringing the total condos available close to 550, with just under half falling in to the under $1M segment. DOM is staying steady at 24 for the under 1M segment and 18 days for the over 1M segment. One thing to keep an eye on is the Pendings over 1M…. It is down 24 from last week and could signal buyers slowing in this segment.
Now to the Single Family Home segment where we are seeing another pull-back in listings, down to single digits in the Under 1M segment and only 35 in the 1-2M segment. Surprisingly enough, we also saw a decrease in Pending’s in both categories, signaling buyers are perhaps backing down just a bit. We will see if that is an early indication that the market is leveling off in the next few weeks. If the DOM starts to raise, that could be another indication that the is cooling a bit. That said, we are still seeing the sales prices at 25% over ask for new listings so that shows buyers are still very eager to buy.
Now to the Luxury Home Market where we saw another pull-back in new listings, down to only three in the under 3M category, but there was an increase in the over 3M segment. This could signal that Single Family home prices just keep going up. There was after all another steep drop in the median DOM for this segment, down to 19 days. There was a relative increase in these listings since last week, so that had an impact on the median DOM for this segment.
Preliminary numbers for January are confirming this seller pull back when we look at the sales from January 2021. For example, in January 2021, 380 homes were sold. But this year it is down to 241… this is a 44% decrease in sales. What is similar to 2021 is that we are back to having roughly 2.4 months of inventory. Despite the listings that go within a week or two, we are still seeing some that sit on the market for a while. Many of these are tenant-occupied homes but some are just waiting for just the right buyer.
