Bi-weekly New Listing Watch

Not surprisingly, the number of new listings during the past two weeks is down compared to the prior period (141 compared to 168) although up a little compared to the same period a year ago (141 compared to 130). 

There was an uptick in new listings which went into contract in the same two week period -- 13% of single family homes new listings and 21% of condo new listings.  During the prior two week period only 3% of single family homes and 12% of condo new listings went into contract. 

There were only 5 price reductions of single family homes and 18 condo price reductions during the past two weeks compared to 12 and 37 during the prior two week period and compared to 10 and 19 a year ago.

The downward trend for new listings should continue through the New Year and then begin to pick up starting the second week of January.