AUGUST MARKET DATA
Thanks to bob bemis and the Park City Multiple Listing Service, I am able to share this Monthly Activity Report through August 2023 (as of 9/7/2023) . enjoy!
New Listings:
New listings, which were being added to the system at a rate of around 200 per month for the first four months of 2023, jumped to over 300 in May and has remained steady at over 300 each month since. As the inventory graph below shows, active inventory was 1,736 at the end of August, which is the first time the total inventory exceeds that of the pre-Covid period in fall 2020.
Pending Listings:
One of the reasons that inventory has grown is because agents are writing far fewer contracts than they are listing new properties. 304 New listings were added in August, while only 216 contracts were written, making for a net gain in inventory of nearly 100 homes.
Closed Sales:
2022 showed a return to almost the same sales pace as we saw in pre-Covid 2019. 2,098 sales closed in 2022, just 255 fewer than sold in 2019 but 27% below 2021’s total (2,876). January 2023 retained its title as the slowest sales month in the past five years with just 83 sales. February and March posted month-over-month increases but still tallied 32-40% lower than a year earlier. From April through July, sales have fluctuated between 120 and 150. The 194 August closings were the highest monthly tally this year and the most in any month since May of 2022.
Inventory:
Active inventory for Residential and Land listings has hovered at around 1,250 listings since the first of the year. Suddenly, the spring (summer?) market arrived and inventory as of 5/31/23 jumped to 1,415, a 12% increase over the previous month. In June, the increase was 14% more, to 1,624, and in July 1,674, the most since July 2020 when Covid hit in force. The increases continued into August when 1,736 homes were actively for sale, the highest count in three years. We are now only 7% below the pre-Covid inventory of 1,868 in July 2020. For the third month in a row, there are over 1,000 residential listings for sale in PCMLS (1,094 on 9/1/23).
reach out with questions, insights or to see how this might effect you in your next steps!