11/16/2015 - 11/22/2015
Last week I predicted that there would be fewer new listings in the coming weeks, and I was wrong (at least for this week). There was actually one more new listing this week than there was the week prior. However, I was correct in my prediction that inventory would continue to shrink leading up to Thanksgiving.
I expect there to be very few open houses this weekend (due to the holiday weekend).
I need to clarify one thing about the statistics shown in my weekly updates - the average sales price, original list price, sales to list ratio, average PPSQFT, and average DOM, reflect the market conditions that were in play when those purchases went into contract, not the conditions at the time of closing. Weeks and sometimes even months can pass between the time a house goes into contract and the time the sale closes. It depends on what types of contingencies are in the purchase agreement, whether the buyer has financing sorted out, etc. We have no way of knowing what these averages might be for the 11 sales that just went into contract this week, because the final sales price for these listings won't likely be disclosed until after the close of escrow.