The end of 2024 saw a significant number of unsold listings come off the market. Is this normal? Let’s dive in. We’re also witnessing the lowest contract ratio since 2009, which has implications for both buyers and sellers. Here’s what you need to know.
Active Listings: Seasonal Trends
Our active listings chart shows a sharp decline in listings since Thanksgiving 2024. This is a typical seasonal trend, as listings tend to taper off at the year’s end. For instance, 2023 saw a less dramatic decline, while 2022 followed a similar pattern to 2024.
A primary factor in this decline is expired listings. Many listings are under agreements with agents that have expiration dates, and December 31 is a common one. However, what stands out this year is that the number of expired listings doubled compared to 2023. According to the Cromford Report, this is an unusually large number of expirations.
The key question is whether these homes will be relisted in January or remain off the market due to challenges in selling. It’s possible the high expiration rate reflects the larger number of listings on the market in late 2024 compared to 2023.