Market Data 05/10/2023

What are you waiting for?

Market activity picks up late into the spring home-buying season, tight inventory remains a challenge: According to the California Association of REALTORS®’ monthly member survey, market activity is gradually increasing as is typical
this time of the year. The share having listing appointments, entering escrow, and closing escrow all increased from the previous month. In fact, new escrows (22.7%) and closed sales (23.3%) were at their highest levels in seven and nine months, respectively. That said, while listing appointments rose from the previous month, the share of those who actually listed property was unchanged from the previous month at 18.3% – highlighting the current headwinds for new listings and exacerbating the incredibly tight inventory in the resale market. Limited options for buyers created greater competition and more than one-third of REALTORS® witnessed 5+ offers made on a home – the biggest share in eleven months.