By now, we’re well into the start of the last quarter of 2023—which means it’s time to check in on how this year, passing so quickly, has gone.
After all, as a well-known philosopher once said, when you study the past, you define the future.
Examining the numbers
Compared to the same time of year in 2022, the numbers tell much the same story as the rest of 2023 has told.
The year-over-year numbers paint a picture that looks all too familiar by this point in the year, and shows downward trends in nearly all categories of this quarter’s report:
- A 13% decrease in inventory
- A 14% decrease in new listings
- A 6% decrease in listings under contract
- A 14% decrease in listings sold
Along with the downward trends, though, we saw a mild increase in off-market listings.
Flattening the curve
While this may all seem like a lot of less than ideal news, it’s worth noting the vast difference between this quarter’s numbers and the numbers from our Q2 report. Where we see a 14% decrease in new listings in Q3, for example, the same report from Q2 showed a 24% decrease—and the other downward trends follow suit.
Additionally, the upward trend of off-market listings has slowed considerably, peaking at only 7% compared to Q2’s 40%.
This suggests that while the industry has been experiencing polar extremes throughout the recent periods of uncertainty, it’s possible that those extremes are starting to balance out into a more stable environment.
Considering the context
Another point to consider when looking at the current trends is that of timing. Where Q2 is historically a busy time for real estate, and is used to seeing massive trends in both directions, Q3 tends to be where real estate slows down, especially in the later half of August and into September. Subtler highs and lows are to be expected around this time.
What else does the data hold for your brokerage?
We can’t predict the future, but we can help you spot the trends. Discover what BrokerMetrics can do to help your brokerage understand current events and plan for the future today.
