New Listing Market Watch - listings and price reductions are up

Our biweekly survey shows continued growth of inventory as you would expect this time of year but this last two weeks of new listings (366) exceeds almost every prior two week period except for mid-September last year.

The number of new listings going into contract in the same two week period ticked up slightly from the previous report (44 vs 27) but still remains relatively low compared to most of 2015.  This suggest somewhat reduced competition among buyers.

Our report also shows price reductions over the past two reporting periods are higher than at any time in the past two years with a couple of exceptions (we typically see price reductions spike in November each year ahead of the Thanksgiving and Christmas holidays).   In this most recent two-week period there were 77 price reductions and in the previous reporting period there were 95.  A year ago for the two comparable periods the number of price reductions was 29 and 23.  Sellers apparently are getting the message.

More condos are being reduced than single family homes and, anecdotally, price reductions seem to be concentrated toward the higher end of the price range.

The full report can be found on our website:  www.boldsf.com/statistics

New Listing Market Watch

The signs of a slowing market continue and are more pronounced.  Although new listings in the last two weeks are higher than for the comparable period last year (349 compared to 312 a year ago) especially for single family homes (147 vs 119 a year ago), the percentage of these listings going into contract in the same two-week period is down significantly compared to the prior year period.

This seems to show that buyers have more to choose from and they are not willing to be stampeded into making offers as quickly as they were last year.

We've also noticed a significant increase in the number of new listings posting price reductions within the first two weeks of coming on the market.  Almost two-thirds of the 202 new condo listings posted price reductions.

Overall, our monthly sales report for the five categories of single family homes and condos we track on a monthly basis shows substantial increases in inventory

along with a decrease in the number of properties sold compared to a year ago.