Monday, January 15, 2018

New Listing Report -- New Year; Same Pattern

We're two weeks into the new year and new listings continue to follow the trend seen year after year.  After virtually no new listings over the holidays, they have started to appear right on cue:

Compared to the prior two week period new listings of both single family homes and condos have increased five-fold (72 new single family home listings vs 15 during the previous period; 152 new condo listings vs 33).   However, compared to the same time period a year ago new listings are down almost 10%.  This doesn't bode well for hopes of easing the tight inventory situation we've had for the last couple of years.

The number of new listings going into contract in the most recent two weeks has doubled compared to the prior two week period but, as a percentage, has eased (17% of single family home and condo new listings).

The number of price reductions has remained steady (and low) at 3 single family home reductions and 8 condo price reductions.

If previous year patterns hold, we should expect to see an increase in price reductions as well as the usual increase in new listings but there is no sign that demand will decrease.

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