411 new listings entered the market last week – up 2.25% from the previous week. The number of new listings entering the market each week has been exactly tracking 2021 levels since September 10, and very close to the previous nine-year average. This simply means that inventory levels are tracking normally.
Meanwhile, the number of pending sales has continued to decline for 18 of the last 20 weeks, and last week the ratio of inventory (supply) to pending sales (demand) officially shifted us into “Buyer’s Market” territory. See this chart for more: https://www.urbandigs.com/marketwide-charts/market-pulse/?agentid=15369
161 contracts were signed last week, up 2.5% from the previous week, and again almost exactly where this count was this week in 2019 and 2020. The question that we brokers are focused on now is whether or not this trend will continue this week and for the rest of October.
In the luxury sector (>$4M), twelve contracts were signed last week – two fewer than the previous week. It was the third week in a row of declining luxury sales amid rising interest rates, record-low mortgage application volume, stock market volatility and a market-slowing mid-week holiday.