The number of new listings of single family homes and condos coming on-line in the last 14 days is consistent
with a year ago.
However, our report shows that the number of listings that have gone into contract is
remarkably low this year versus last year.
Now, this could signify that
buyers have decided that these offer dates which drive the over bidding
is something they want to avoid.
We also note that the number of
price reductions continues to increase for both single family homes and
condos.
We continue to believe that
this Hot Sheet Report is the closest to a leading indicator of market
activity than anything else we have been watching. As we continue to
survey our market, we advise sellers to price properties consistent
with current neighborhood selling prices, but depending on location, offer
dates should be used with caution. Buyers should become VERY active with their searches and keep a sharp eye out for price
reductions!
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