Monday, September 12, 2016

New Listing Market Watch -- (mixed signals after Labor Day)

During the last two weeks (which included the Labor Day weekend), the number of new listings increased compared to the previous two weeks.  This is generally consistent with what happens this time of year.  There was a particularly notable jump in condo listings -- 207 vs 122 for the previous period.  A year ago, new condo listings jumped up by 258.

New single family home listings were 159 compared to 101 during the previous period and compared with 185 a year ago.

The number of listing going into contract was at a very low level -- just 2 single family homes and 8 condos.  However, if previous years are a guide, these numbers should increase dramatically during the next few weeks.

Finally, price reductions for condos increased to 35 compared to 24 the previous week and compared to just 16 a year ago.  Price reductions of single family homes dropped to 10 compared to 20 during the previous period and compared to 19 a year ago.