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Our Median DOM data showed large shifts in opposite directions. January sales showed a went up in DOM while our active inventory at the start of the month trended downward. What can we make of this month’s DOM trends?
First, how large of a shift was our January sales’ median DOM compared to December? We saw a 94% increase M/M in our Median DOM, going grom 34 days to 66 days. The shock of such a shift is made even more concerning when we look back to October 2022 (when I first began to track this data) and we see that no other month has surpassed a median of 43 DOM.
However, there is promise on the February sales report showing a lower median DOM than January. We saw a -12% decrease in the median DOM for active inventory at the start of February, showing signals or new listings replenishing the slow market and potentially drawing more buyers to the market.
In response to homes lingering on the market for extended periods, it becomes imperative to closely monitor pricing strategies. Sellers may need to consider adjusting prices to incentivize buyers, especially for older inventory, in order to maintain market competitiveness and facilitate transactions.
Remember, the best way to learn about your local market is through a local realtor, not the national media. While there are factors that play into every market, there are many that differ on the local level. So whenever you need to know about the local market contact me!
Jacob B. Mitchell
Cell: 706-581-6401
Office: 706-226-5182
Email: AgentJacobMitchell@gmail.com
www.RealtorJacobMitchell.com
Coldwell Banker Kinard Realty
