The big news this week is that the offer review date has crossed the threshold of the exception to the rule. That meaning, that of the homes that went pending in the first 8 days, 59% of them had offer review dates. And once we reach that tipping point of over half of the homes having offer review dates, then the homes WITHOUT an offer review are seen as the weird ones.
Let’s Look At the Hard Data:
The number of new listings dipped just a bit compared to last week. The number of homes pending was about the same, but we saw a bit jump in the number of pending condos. The condo market shows signs of getting healthier and more competitive. The total number of condos and houses for sale is still REALLY low. If you check out this time last year, you can see that we had 755 houses for sale and 471 condos for sale.
The most noteworthy thing to happen this week is that 75% of houses and 57% of condos went pending in the first 8 days on the market. And of those that went pending in the first 8 days, 59% of houses and 48% of condos had offer review dates. The market is changing quickly!