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!