Monday, February 15, 2016

New Listing Market Watch - Signs of a cooling market?

New listings for the past two weeks continue in virtual lockstep with the same period a year ago.  New listings of single family homes were down 8% compared to last year (108 vs. 117).  New listings for condos was up by 1 from 146 a year ago vs. 147 during the last two weeks this year.

The real difference this year seems to be a much lower percentage of listings going into contract within the first two weeks.  For the period ending 2/15/16 only 4.6% of new single family homes listing went into contract within that same two week period compared to over 17% for the same period last year.  Similarly with condos, only 14% vs. 22% last year.

Is the market cooling?

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