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  • Michael Shapot, Esq.

Not Quite There Yet, But...

Noah Rosenblatt of Urban Digs provides a synopsis of the market on a weekly basis. I find the numbers valuable.

This past week, there were 5,250 active listings on the market. This is down 31% from last year, but is continuing an upward trend that began about 3 weeks ago.

The number of pending (in contract) sales is at a new low of 1,913. This reflects that more deals are closing than opening. The "pendings" will continue to fall until the market turns around.

The new inventory added last week was 245. This number has been steadily increasing over the past few weeks, but is still way below "normal", or where it should be - between 400 and 500.

Finally, the number of new deals signed last week was only 61. This is up from the 30-50 contracts we had seen weekly over the past few months, which bodes well, but way below what is typical for this time of year - in the 250 range.

All in all, improving, but now where we want to be. Only a few more weeks until we "open up" and can really take the temperature of the market.

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