Wednesday, October 12, 2016

New Listing Market Watch

During the last two week the number of new listings matched almost exactly the number of new listings a year ago (370 vs 365).  If usual annual patterns hold (and they have every year since before the last recession) the number of new listings will continue to fall through the holiday season until after the new year.

The percentage of new listings going into contract within the last two weeks has ticked up, double the percentage we saw two weeks earlier.  For single family homes, this is almost identical to a year ago (8.4% vs 8.6%).  For condos, we're still significantly lower than we were a year ago (9.3% vs. 15.0%)

Also notable, during the past two weeks the number of price reductions for single family homes is identical to what we saw during the same period last year (13 vs. 13).  For condos, the number of price reductions is also about the same as a year ago (46 vs 41) and down significantly from the previous two-week period (46 vs 59).

Click here for the full report.

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