THE AGGREGATE MARKET:
This week the number of new listings held steady relative to the week before (otherwise known as week over week, or WoW). Listings were 7 under what we saw the same week in 2019 (otherwise known as year over year, or YoY).
Under contracts popped up to 117 from 96 last week, and up from 74 in 2019. Wow. Remember, under-contracts are a coincident indicator (not leading or lagging), telling us about what is happening in the market now. This high-under contract rate reflects the general frothiness of the market right now.
Price changes are not changing much WoW, and relative to 2019 we're seeing about 30 fewer price changes per week. Sellers are trying to get their prices without price reductions.
Sellers, we are seeing slightly wider list-to-sale price ratios right now. People are sometimes offering 3-5% below asking price, whereas 1-2% of asking price has been the norm for the past 10 years. If you don't get any offers and you've been on the market for some time, the market is telling you to adjust your pricing down and/or condition up so that you're in alignment with market value.
Otherwise, be prepared to wait for the market to rise to your price. We are not yet seeing the extreme price inflation which some other parts of the country are experiencing.