Despite 9 new listings coming on the market and only 5 sales pending last week, inventory actually went down. This is because 5 listings were either cancelled, expired or withdrawn from the market.
Our 9 closed sales last week had been on the market an average of 37 days. 5 of the 9 sold for less than their original list price. With the average age of our current inventory at 45 days on the market, and 17 homes having seen price reductions, we will continue to see weekly sales statistics like this until our older inventory clears out.
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