9/29/2019: This last week total Newly Actives (NA’s) coming onto the market dropped a bit, total amount of Pending Inspections (PI’s) surged, total amount of existing Pendings also jumped up a bit and the total amount of existing 6-day P/PI’s (properties that went into contract within 6 days of listing date) surged as well. Interestingly, weekly P’s and weekly 6-day P/PI’s dropped to almost 0! Weekly P/PI% to NA ratios was 108%, highest in a couple of months, total P/PI% to NA ratio is at 63%, both highest in a couple of months. MLS Market Watch shows NA’s steady at 135 per week, Pendings also steady, and Contingents continue to be almost non-existent.
This week’s focus is on what locations are having the highest incidents of 6-day-or-less listings going to pending or pending inspection (P, PI), to get an idea of the areas with the most intense competition.