Q2 market report: Half-empty or half-full?
Mon, 07/17/2023 – 14:16
What the numbers to date have to say about the rest of year.
With the first half of 2023 behind us and summer in full swing, it’s a good time to take stock of the year to date—and strategize to make the most of the year still to come.
The numbers—and what they tell us
When compared to this time last year, we’re continuing to see certain areas trend down, including:
– A 24.72% decrease in new listings
– A 11.19% decrease in listings under contract
– A 22.16% decrease in listings sold
But alongside the downturns, we saw an increase of 7.13% in inventory—and a staggering 40.43% increase in off-market listings.
Uncertainty, and how it relates to off-market listings
There are many reasons that sellers are opting for off-market listings.
In 2023, homes are more often than not spending more than 40 days on the market—a median number that was at its lowest in America this year in May, at 43 days, and at its highest in January, at 72 days. Alongside the fact that mortgage rates are continuing to surge, sellers might be more interested in gauging interest at a certain price point than they are in the potential of starting a bidding war.
Further, while in-person open houses have made their return, digital viewings are here to stay. Sellers might be looking to limit the number of showings that a competitive listing demands. With many working from home—both owners and renters alike—in-person viewings have the potential to be quite disruptive.
Do you—and your agents—have the best tools for the job?
A combination of high demand and low inventory means that, even despite high mortgage rates, many markets remain competitive—if uncertain.
But you can stand out as a trusted advisor to your agents and their clients alike with support from the right technology—with BrokerMetrics, you gain access to features, reports, and modules to empower you as you:
– Recruit top talent and coach your agents
– Assess the competition and see where you stand
– Plan to grow your business and understand your opportunities
– Educate your team and offer market insight to clients
– Price with confidence and see better listing performance
– Improve productivity and achieve ambitious goals
Get the most out of your data
There’s no way to control your market, but with the best insights that data can offer, it’s simple to understand how your business fits into the big picture.
Source link: http://www.lwolf.com/blog/q2-market-report-half-empty-or-half-full by Brittney Hubley at www.lwolf.com