Wednesday, July 6, 2016

New Listing Market Watch - even more price reductions

The number of new listings during the last two weeks stayed just about the same as the previous two weeks (353 vs. 361) even with the holiday weekend.  But compared to the same period last year which also contained the holiday weekend the number of new listings is way up (353 vs. 187).

But the ratio of single family homes to condos did a complete flip flop compared to the previous period with single family home new listings at 197 vs. 127 and condos at 156 vs. 234.

The number of properties that went into contract is also up compared to the previous period (60 vs. 31) with both single family homes and condos seeing an increase (single family homes 29 vs. 13 and condos 31 vs. 18).  Compared to a year ago the number of properties that went into contract is higher (60 vs. 49) with single family homes and condos fairly evenly split.  Some of the increase in contracts may be a result of there being more properties on the market.

The number of price reductions during the past two weeks stayed higher and reached the highest point since we started keeping track in December 2014.  There were 55 price reductions of single family homes and 41 condo price reductions.  That ratio between single family home and condo price reductions is opposite what we've seen for the past two months.

While average selling prices seem to be holding at or near all time highs (at least for the categories we survey, which covers about 60% of the market), it appears that sellers are having to be more aggressive in their pricing strategies in order to entice buyers.

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