Monday, April 25, 2016

New Listing Market Watch

New listings for single family homes during the last two weeks are down slightly from the comparable period a year ago (138 compared to 150).  However, condo listings have increased to 175 compared to 166 a year ago.

However, compared to the previous two-week period ending April 11, new listings are down for both single family homes and condos.

The number of new listings going into contract during the first two weeks of listing is down sharply compared to a year ago.  For single family homes 13% compared to 18% a year ago.  For condos 9.7% compared to 17.5% a year ago.

Taken together it seems the condo market is slowing noticeably.  27% of the new listings in the last two weeks have already posted price reductions, compared to only 7% during the same period last year.

(These numbers are taken from the MLS and do not include most new development condos which are not posted in the MLS.)

Tuesday, April 12, 2016

News that makes us feel good

A bit of great news about our brokerage:   RealTrends publishes statistics for residential real estate brokerages nationally and within this year's report Berkshire Hathaway HomeServices Drysdale Properties is in the top ten brokerages based in Northern California and in the top 100 (92nd, actually) nationwide.

Great to be part of such a growing, dynamic, locally-owned company!

Monday, April 11, 2016

New Listing Market Watch

The number of new listings in the last two weeks jumped up to 329 compared to 283 for the same two week period last year.  The majority of the increase was in single family homes (31) compared to condos (15).

The percentage of these new listings that went into contract in the same time period was considerably lower this year than last:  12% of single family homes compared to 25% a year ago; 11% of condos compared to almost 19% a year ago.

The website Socketsite has also reported that inventory for this time of year is the highest it's been since 2012.

The number of price reductions has also increased and is almost double what it was a year ago for single family homes (20 vs. 11) and more than double for condos (34 vs 13).

Overall, although selling prices continue to maintain or set historically high figures, our Market Watch data indicates less frenzy in the market.