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.)

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