What's Happening in the Market?
The HUGE spike in showing activity was a bit of a surprise after a lackluster August! The first week of September has proven to be one of the largest uptick in showings that we have seen in recent years!
Close Price to List Price Ratio
The close price to list ratio is an interesting number to look at this month. The year 2022 was the only year in recent history to have more price ranges that had 100% or higher close price to list ratio than we are experiencing in 2024. I think it is notable that the $1MM+ market has edged slightly higher this year than 2022. We are seeing higher ratios in the majority of price ranges, which tells the same story we are all used to hearing this year, that the markets are incredibly competitive.
Summary
With the steep incline in showings, the writing is on the wall for a very strong Fall! With CDOM and months of inventory being half of what they normally would be this time of year, construction starts not anywhere close to the population growth, and listings being the highest they have been since September of 2022, buyers and sellers should be prepared for competitive market conditions to persist.