Tuesday, October 25, 2016

New Listing Market Watch

The more things change, the more they stay the same.

During the last two weeks we saw the drop off in new listings continue, as it always does this time of year.  There were 302 new listings of single family homes and condos during the last 14 days, down from 370 new listings for the prior period.  A year ago for the same period, there were 343 new listings.

The percentage of new listings that went into contract during the last two weeks was 7.9%, down slightly from the previous two-week period but considerably lower than the almost 15% during the same period a year ago.  For condos, the reverse is true:  during the last two weeks 14% went into contract compared to 9% the previous period and compared to 11% a year ago.

The jump in the percentage of condos going into contract is most likely due to the unusually high number of price reductions in condos during the last two weeks:  78 price reductions compared to 46 the previous period and 46 during the same period a year ago.  (Price reductions for single family homes was 28 compared to 25 during the previous period and 35 a year ago).

The number of condo price reductions is the highest we've seen in the three plus years we've been tracking these numbers.

So, as we've suggested previously, condo buyers should be taking advantage of the price reductions available as we approach the holiday season.

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