2013: Calling All Sellers! (Where are you?!?)

A typical real estate market moves like clockwork: listings decline in the fall and through the holidays, but when the calendar turns over to a new year—practically at the stroke of midnight the morning of January 1—the switch is flipped and new listings begin to increase, signaling the beginning of another home selling season.

Despite a broad agreement that the housing market hit the bottom in 2012, it is quickly becoming evident that 2013 is still far from a typical market. In November we predicted that increasing seller confidence would lead to “an easing of the big inventory squeeze that has made headlines throughout 2012.” So far that is definitely not the case:

Total New Listings January 1-14 by Year

After the first two weeks of the year, new listings are down nearly a third from 2012′s already weak levels, which leads us to ask: where are all the sellers?

For the full report visit the Redfin Research Center.