Monday, July 25, 2022 / by Bryan Baylon
With 1,682 active listings without a contract, Opendoor represents 9.6% of available supply, which is far in excess of their 1.7% share of the listings under contract.
We estimate Opendoor's total inventory to be 2,286, which means there are another 461 homes that they own but are unlisted. They have about 7 months of inventory at the June sales rate, but the July sales rate looks rather slow in comparison with June.
We would anticipate that Opendoor's buying will slow down to avoid further build up in excess inventory. This would imply lower offer prices and fewer accepted offers, if we are correct. Demand measurements and pricing will weaken in these circumstances.
Market incites provided by the Cromford report.