In a word, it looks like it’s improving.
On January 21st I reported that the number of new listings were outpacing the number of new contracts by a whopping 228%.
But since January 21st the market has found some balance and new listings are now outpacing new contracts by only 73%.
And how about the list price of those new listings vs.. new contracts;
On January 21st I also reported that new listings were priced 53% higher than new contracts.
But new listings since January 21st are priced just 32% higher than new contracts. All in all, signaling a market that is becoming more balanced, or, at least, less imbalanced. A dramatic narrowing of the gap from just a few weeks ago.
What changed? Everything.
On January 21st we were at the very beginning of our high season here in the Catalina Foothills, vs.. now, mid February, when we’re in the thick of it, and will continue to be for the next few months.
And the price of new listing dropped a bit, while the price of new contracts rose quite a bit in the last few weeks.
And that’s all good news,
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