Wednesday, April 16, 2014

Market Competition

Our biweekly report on new listings gives us a look at the current market activity.  It shows a lower number of new listings of single family homes but an increase in condo listings compared to two weeks ago.  But the number of listings is well below where it was last summer (when we first started tracking this particular metric).

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The percentage of those new listings that went into contract within that two week period has dropped slightly over the past two weeks but still showed almost 17% of single family homes and almost 20% of condos in contract within two weeks.  

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These numbers continue to confirm the competition buyers are running into when making offers and which results in significant overbidding and final selling prices averaging 10% over asking.

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