Here are the stats from last week for comparison to this week.
We had another wacky week. Active listings are relatively flat; up 1% vs last week. Houses having an accepted offer are down 7% vs last week…probably the lack of activity is just the Memorial Day weekend slowdown working itself through the system. Listings with contracts pending are down 2%. Solds are up 46% (off a low base) vs. last week and taken-off-the-market listings are up 56% vs. the prior week (again, off a low base), possibly indicating sellers don’t want to be bothered for the summer.
All of the metrics we look at week to week have reversed. Everything that was down last week is up this week and everything that was up is down.
A word of note about all the taken-of-the-market listings, I am not so sure the seasons delineate the market as much as they used to (i.e. spring is active, summer is dead.) This market is wacky, wacky, wacky. I am busier with buyers now than I was the whole spring market. If you are a current seller and were thinking of taking your house off the market, you might want to reconsider.
(please click on chart to make it larger if needed)