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.

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