We saw a spike in new listings leading up to the long weekend, but due to 7 pending sales and 5 cancelled/withdrawn listings, our inventory once again failed to grow. Still, 13 new listings is an encouraging sight, especially given that there seems to be plenty of buyers circling to meet the supply.
We did see some of our older inventory cleared off the market last week, with 4 of the 8 closed sales having been on the market for 2+ months, including one which had been on the market for 5 months. Still, the average age of our inventory is at nearly 2 months, meaning there are plenty of listings that stayed on through the holidays that have yet to sell. These homes may present buyers with more room to negotiate, as many of their sellers are likely eager to get a deal done. It's important for buyers to remember that if a house you unsuccessfully pursued a month or two ago is still on the market, it might be worth getting back in touch with that seller to see if their price or terms expectations have shifted at all.
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