Market Update: September 2023

What Parcl Traders Need to Know

• Seventeen tradable North American Parcl markets finished September approximately flat, in aggregate. The average performance was -0.02% vs. August in ppsft terms. This compares to -0.3% MoM in August and -0.9% MoM in July.

• Some residential real estate markets, such as Washington DC, Boston, and Chicago, experienced meaningful price declines MoM, while Denver, Miami Beach, and Atlanta were the MoM outperformers. The USA price feed was flattish at -0.1% MoM.

• Portland, Austin, and now Washington DC, are the clear underperformers YTD (-6.2%, -0.6% and -2.0% respectively).  On the other hand, Boston remains the top performer in 2023, up 14.1% YTD and +12.3% YoY.

• Total September open/close volume was over $140,000 USDC (over $750,000 notional exposure), up modestly MoM.

• Parcl traders exited September as short as they’ve ever been; the aggregate split across all pools exited the month at 10% long / 90% short.

• Total open interest (OI) across all Parcl pools is above $275,000 in USDC terms, an all-time-high; highest OI markets are Boston, Washington DC, and San Francisco.

• Paris and Ile-De-France are the most recently launched markets on Parcl. Paris fell 1.0% MoM in September (vs. +1.1% in August) while Ile-De-France declined -0.4% (vs. -2.6% in August). Stay tuned for more global locations coming soon!

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