Thursday, November 10, 2016

New Listing Market Watch

The number of new listing during the last two weeks is 17% higher than the same period a year ago (287 vs 245).  

The percentage of those new single family home listings going into contract jumped up to 12% (about the same as a year ago but significantly higher than the last four two-week periods.

The number of price reductions is about the same as it was a year ago for single family homes (26 vs 21) but quite a bit higher for condos (62 vs 47).

The market continues to follow the same seasonal cycle as in previous years so we should see a continuous drop off of new listings between now and the first week of January.  Although inventory will be reduced this time of year can provide good opportunities for buyers with less competition.

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