Wednesday, October 12, 2022 / by Bryan Baylon
As if we didn't have enough to worry about, it is roughly twice as hard to get a contract all the way through escrow as it was this time last year.
If we look at the Tableau chart New Contracts versus Back on Market we can see that 428 listings that were pending, CCBS or UCB went back to active status in the week that started on October 2, 2022. This is about 6.5% of the listings under contract falling through and being re-marketed each week.
At the same time last year we had 3.4% of contracts in escrow going back on the market each week.
We also have a lot fewer listings under contract to start with - 6,593 when we last checked, compared with 10,894 this time last year.
Market insights provided by the Cromford Report.