New Listing Watch - it's downhill from here

This time of year we begin seeing fewer and fewer new listings until we hit the bottom just after New Years.  Total new listings for the past two weeks is just about the same as the same period last year:  282 vs 287.  That's down significantly compared to the prior two weeks:  282 vs 320.

And you can see from the above graphic where we're headed.

What's a little different this year vs last year at this time is the number of price reductions which is down.  For single family homes there were 18 price reductions during the last two weeks compared to 26 a year ago.  For condos there were  35 price reductions compared to 56 in the prior period.  Compared to a year ago the difference is 18 single family homes price reductions vs 26 a year ago.  For condos there were 35 compared to 62 a year ago.

A higher percentage of new single family homes listings went into contract in the same two week period compared to the prior period (17% vs 13%) but for condos fewer new listings went into contract than in the previous period (11% vs 28%).