With the first quarter of 2023 behind us, we can say that we saw a combination of rising mortgage interest rates, declining home sales, along with a decrease in sold listings—and that, despite ongoing inventory issues in the past, we saw a 33% increase year over year.
So: Will April showings bring May closings?
The data and the details
When we compare the start of 2023 to the start of 2022, we’re seeing more decreases than increases in general, including:
- A 20% decrease in new listings
- A 20% decrease in listings under contract
- A 33% decrease in sold listings
While inventory is up, we’re also seeing that off-market listings continue to gain momentum, coming in at a dramatic 64% increase.
What we know about the off-market trend
As we continue to deal with market conditions that include rising mortgage rates, sellers and professionals alike continue to cite too-high asking prices as one of the primary reasons for the surge in off-market—and withdrawn—listings.
As the inventory increases and sold listings trend down, it’s more important to ensure that you’re winning quality leads, and that your listings stand out.
How can your agents stand out in your market?
With BrokerMetrics, you and your agents have access to the data and tools they need to see the big picture—and understand what they need to do to go above and beyond in your market.