Tuesday, March 13, 2018

New Listing Report -- I spoke too soon

New listings during the last two weeks (252) are down compared to the same two week period a year ago (291) so my "whoohoo" in the last post may have been premature.

As evident on the graph above new listings are following the same basic trajectory we see every year at this time but the total numbers of new listings are lower than we've seen in the last few years.

We take a snapshot of active listings at the end of the first week each month for the five categories of single family homes and condos we track.  At the beginning of March we had the lowest number of active listings in the last eight years (except for 2015).

So the inventory situation isn't good for buyers and will help sustain the ongoing seller's market.  In the broader market of all active listings of single family homes, condos, and 2-4 unit buildings the lack of available inventory is even more pronounced.

The column on the right shows the percentage change of number of active listings compared to a year ago in the three groups of residential properties.  The two columns on the left show the month to month change this year and last year.  The month to month increases are typical for this time of year going into the spring market.  The year over year percentage drop for single family homes and condos is cause for concern.

We've also tracked an unusual drop in the number of new listings that went into contract within the same two week period.

None of the 104 new listings of single family homes went into contract in the last two weeks and only eight of the 148 new listings of condos went into contract.  Since the beginning of the year we have usually seen 10-15% of new listings go into contract within the same two week period.

And finally, the number of price reductions has remained the same as the prior two week period (27 vs 28) but is well below the 38 price reductions we saw a year ago.