Wednesday, May 25, 2016

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:

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