“Quality listings that are positioned properly are getting a lot of showings, and in some cases, we are even seeing multiple offers being made.”
Here are key take-a-ways from the “Between the Trend Lines with Budge Huskey” luxury real estate podcast released on March 2, 2023:
- Closed sales dropped again in January for the 12th straight month — 36% off the previous January.
- January’s level of new business written, on a national level, represents the highest increase since June 2020 on a month over month basis, and the second month of gains. Southern states saw the greatest bump.
- Closer to home, the market seemed to come alive earlier this month.
- Quality listings positioned properly are getting lots of showings, and in some cases, we are even seeing multiple offers being made.
- It’s important to remember that our benchmark for 2023 isn’t last year, but rather, the last normal year in real estate — 2019. Across our company, pended sales in the first two months are well below last year, yet are 5% above 2019.
- Our inventory is up 50% over this time last year. In most markets, that still means three months or less of inventory.
- Regardless of the low levels by historical standards, pricing and condition are everything. Updating and staging are exceedingly important for sellers expecting to get anywhere near top dollar.
It’s all about the current competition, and tracking price reductions in the MLS to see fluctuations.
- It’s no longer about testing the market. It’s about what the value of the home is now versus what was paid for it.