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December 12, 2023

Santa’s Not Bringing New Inventory This Holiday Season

49 Nordhoff

Sellers and their listing agents got the memo: Don’t bother bringing your property on the market this holiday season. Indeed, we’ve seen very few new listings since Thanksgiving.

Only 27 new single-family home and 46 condo listings have hit the market since Thanksgiving. No surprises there, as most homeowners who don’t have to sell now are planning to wait and see how the 2024 market feels.

But active, in contract and withdrawn listings will give you a feel for where we are at the tail end of the year (as of 12/11/23):

Single-Family Homes
# current listings:  226 | Median list price: $1.6M
# in contract: 117 | Median: $1.3M
# canceled/withdrawn: 101  | Median: $1.9M

# current listings: 550 | Median list price: $1M
# in contract: 113 | Median: $975,000
# canceled/withdrawn: 191 | Median: $1,150,000

You can see that the median list prices of current listings are potentially higher than what the market will support right now. If you’re planning to list a property in the first quarter of 2024, take note of the market’s sweet spots. They’ll give you a heads up as to how quickly your property might sell.

My pick this week is over at 49 Nordhoff, a cute home with original 1950s kitchen/bath finishes on a deep lot on the Glen Park/Sunnyside border (photo above courtesy Compass). Listed for $1.2M, this one is positioned to go into contract quickly so everyone can rest easy going into 2024.


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