New Listing Watch - less inventory and fewer price reductions

At a time when inventory should be increasing, the number of new listings of single family homes has dropped compared to the previous two week period (118 vs 131) and compared to the same period one year ago (118 vs 147).  The number of new condo listings rose compared to the previous period (181 vs 142) but has not reached the level of a year ago (181 vs 202).

The percentage of new going into contract has also dropped compared to the previous period (single family homes: 3.4% vs 5.3%; condos: 3.3% vs 14.8%) and compared to a year ago (single family homes: 3.4% vs 8.2%; condos: 3.3% vs 7.4%).

The number of price reductions is up compared to the previous two week period (57 vs 44) but still way down compared to the same period a year ago (57 vs 95) which is mostly based on fewer condo price reductions (36 vs 66).   Condo sellers seem to have gotten the message that aggressive over pricing is a formula for their properties to sit on the market longer and ultimately achieve lower selling prices.

The entire report can be found at our web site.