Supply Inventory/New Listings

Supply increased.  Last week we had 145 new listings vs. prior week of 105.  Week 1 (early March) had 138 listings and the low was week 5 with 70.   We should see 500 of these per week, so we still have a ways to go, but the signs show new listings are starting to rise.

Week 9 had the lowest inventory since stay-at-home orders went into effect.  Overall supply was at 6,582, which is much narrower compared to a "normal" market. We should be in the mid-7000s for this time of year in terms of inventory.  Much of this is due to listings that didn't come on the market that should have. We should have had at least 2,000 listings come on the market last month, instead we had 280.

Off-market

Last week there were 122, prior week was 192.  In early March, everything was being taken off the market. Week 2 was 424 to give you an idea.  Then we started coming down and week 7 was the low at 117.  Good sign is that we are lower now than last week.  We want listings going active and going into contract.  We want the off-market to go down and that's what we got last week.

Signed Contracts

48 contracts signed last week, prior week was 36.  As far as I'm concerned, that's not a bad number, albeit we want it much higher, just as long as we don't go lower than the week 9 low of 36.  Week 1 we were at 136, so we still have a ways to go and are headed in the right direction.  As a benchmark, this should be around the 200-250 level.  As we continue looking at data, we expect factors that indicate we continue to be in the recovery phase.