If you compare this week's sales numbers with the first week of February 2016, the similarities are striking. That week, there were 5 closed sales, 100.9% sales to list ratio, 38 average days on market, and 26 active listings. This week, 5 closed sales, 100.5% sales to list ratio, 39 average days on market, and 25 active listings.
As February progressed in 2016, new listings started to hit the market with much greater frequency. This trend appears to already be underway in 2017, as we just saw our first week of double digit new listings this year. If the market continues to follow in the footsteps of 2016, inventory will continue its slow climb until it booms in late March.
One thing is for sure - our average DOM for the week (39) does not reflect the current market. These are sales that went into contract during the holidays when the market was in a lull. Buyer activity has picked up considerably since then and most new listings are not sitting on the market very long.
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