Q2 Market Report: Half-empty or Half-full?

With the first half of 2023 behind us and summer in full swing, it's a good time to take stock of the year to date — and strategize to make the most of the year still to come.

The numbers — and what they tell us

When compared to this time last year, we're continuing to see certain areas trend down, including:

• A 24.72% decrease in new listings
• A 11.19% decrease in listings under contract
• A 22.16% decrease in listings sold

But alongside the downturns, we saw an increase of 7.13% in inventory — and a staggering 40.43% increase in off-market listings.

Uncertainty, and how it relates to off-market listings

There are many reasons that sellers are opting for off-market listings.

In 2023, homes are, more often than not, spending more than 40 days on the market — a median number that was at its lowest in America this year in May, at 43 days, and at its highest in January, at 72 days. Alongside the fact that mortgage rates are continuing to surge, sellers might be more interested in gauging interest at a certain price point than they are in the potential of starting a bidding war.

Further, while in-person open houses have made their return, digital viewings are here to stay. Sellers might be looking to limit the number of showings that a competitive listing demands. With many working from home — both owners and renters alike — in-person viewings have the potential to be quite disruptive.

A combination of high demand and low inventory means that, even despite high mortgage rates, many markets remain competitive — if uncertain. But you can stand out as a trusted advisor to your agents and their clients alike with support from the technology like BrokerMetrics. There's no way to control your market, but with the best insights that data can offer, it's simple to understand how your business fits into the big picture.

To view the original article, visit the Lone Wolf blog.