Market Watch - condo price reductions

Price reductions on condo listings continues to be the story.  The number of new condo listings for the past two weeks is down somewhat compared to the same period a year ago (152 vs. 186 a  year ago) but even with fewer new listings the number of price reductions is up (27 compared to 22 a year ago).

The number of single family home new listings is down (93 compared to 121 a year ago).  Doing the math, total new listings for the last two weeks was 245 compared to 307 a year ago -- a drop of 20%.

The percentage of new listings going into contract with the two week window held steady at about 17% for single family homes and 16% for condos.