New Listing Watch - Fewer Properties in Contract; More Price Reductions

Today's latest "hot sheet" activity for the previous two weeks appears to be almost exactly what it was last year at this time.  Inventory begins to rise after the Labor Day holiday and for the next ten weeks inventory grows by about 400 homes each month.

For 2015 during the past eight weeks as measured in our survey the number of new listings (single family homes and condos/TICs) is 1493.  For the same period in 2014 there were 1486 new listings.  In 2015 the number of price reductions were 98 single family homes and 129 condos for a total of 227.  For the same period in 2014 there were 118 price reductions for single family homes and 112 reductions for condos for a total of 230.

It's interesting to note that the number of properties going into contract for the last two weeks were 130 compared to 181 last year, a reduction of almost 30%.