The top chart shows that closed sales dropped in half compared to October 2020. Less listings for sales translates into less pending sales. Less pending sales eventually leads to less closed sales as buyers still continue to flood the market with multiple offers on whatever is left. Condos and Townhomes are selling quicker: 20 days on average compared to 22 days the year prior.
For my own buyers, I have definitely reduced my showings with clients. In 2020, I can often show multiple properties to buyers in the sub-700,000 price range every weekend. Today, it’s common to skip entire weeks with clients as nothing shows up on their reports.
For the local mid-rise communities, even the most active selling buildings, the Stadium Lofts and Chapman Commons will often have instances where there’s literally nothing for sale. What a sharp contrast to when I’ve seen prior spans where more than 10 condos would be in active status.
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