Active Listing Numbers is a Symptom
The number of active listings is really a symptom of the bigger picture market. Low active listings, as we saw in 2021, was a sign that buyers were hungry, and the market competition was fierce.
Flip the script to 2023 and we experienced the opposite. Buyers pulled back amidst rate increases which caused the supply of new listings to jump up and sustain themselves at levels unlike anything we’d seen since 2014.
Some general numbers.
The monthly number of active listings in 2023 ranged from 1,650 to 2,800 with an average of 2,209 per month, a range we haven’t seen since nearly 10 years ago. The opposite of that, the 2021 market, saw monthly active listing numbers in the 400 to 900 range.
This graph shows you the monthly number of active listings going back to 2015.
The valleys (low active listings) in that graph produced some intensely active markets like 2017 and 2021, while the peaks produced slow markets like 2018 and 2023.
As the market improves into 2024, we would expect to see the monthly active listing trend ease under 2,000 again. The result would equal improved sales, prices easing back up and a market that is finding its way back to something resembling normal.
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