New Listing Watch -- fewer new listings and fewer price reductions

Listings continue to follow the annual path of fewer listings as we approach the holidays.  Total new listings in the last two week period was 168 compared to 177 during the same period a year ago.  If the trend of previous years repeats, we will see a continued decline in new listings until after the first of the year.  Both single family homes and condos are affected.  During the most recent two week period there were 72 new single family home listings compared to 75 last year.  For condos there were 96 new listings compared to 102 last year.

Here's a different view that shows we're following the same track as the last two years.  (This trend goes back more than two years but trying to show that on a line graph just gets too busy):

Not surprisingly, the number of new listings going into contract in the same two week period has dropped:

The number of price reductions is down compared to the same period a year ago.  For single family homes there were 12 price reductions during the latest two week period compared to 19 for the same period a year ago.  For condos there were 37 compared to 46 a year ago.

Happy Thanksgiving!