Monday, July 30, 2018

New Listing Market Watch -- mid summer

Overall there were somewhat fewer new listings in the last two weeks than the prior two week period (244 vs 257) but, compared to a year ago, the number of new listings is up over 10%.

Breaking it down, the number of new listings of single family homes was the same as the prior period (116) and up slightly compared to a year ago (116 vs 108).  For condos, the number of new listings is down compared to the prior period (128 vs 141) but up compared to a year ago (128 vs 111).


The number of new listings of single family homes that went into contract within the same two week period remained about the same as the previous period and the same time last year (116 vs 116 vs 108).  But for condos, the number going into contract in the same two week period jumped up from 23 from 15 during the prior period and 19 a year ago.


The number of price reductions remained about the same for single family homes compared to the prior period and compared to a year ago (16 vs 15 vs 16).  The number of price reductions for condos fell compared to the prior period but was the same as a year ago (16 vs 23 vs 16).


One interesting note:  of the 16 price reductions of single family homes, all 16 were for properties with listing prices over $1,000,000.  Eight of those were originally priced at over $2,000,000.

Monday, July 16, 2018

New Listing Market Watch - post Fourth of July

Overall, the number of new listings in the last two weeks was 6% more than the same period last year (257 vs 243).  That's a typical increase/rebound following the Fourth of July holiday.  But look a little closer and you see new listings of single family homes was up 27% compared to the same period last year (and, coincidently, compared to the prior two week period) 116 vs 91.

New listings of condos was down 7% compared to the same period last year (141 vs 152) and virtually the same compared to the prior two week period (141 vs 138).


The number of those new listings that went into contract in the same two week period were about the same as last year for single family homes (11 vs 7) and the prior two week period (11 vs 12).  It's a different story for condos:  more than twice as many new listings went into contract compared to a year ago (15 vs 6)  but less than half compared to the prior period (15 vs 38).



The number of price reductions for single family homes remained at the same level compared to the same period a year ago and the prior period (15 vs 16, and 15 vs 14).  However, the number of price reductions for condos was down significantly compared to a year ago (23 vs 41) and also down compared to the prior period (23 vs 30).



Saturday, July 7, 2018

The Missing Piece in Electronic Signing for Real Estate Transactions

Below is a link to a blog post by a company (new to me) called "Notarize".  They have created a system to facilitate on-line signing and notarizing of documents -- "notarizing" being the operative word.

Although we've been able to do listing and selling of real estate with electronically signed documents for some time, the missing piece has been the final closing documents, including loan documents, that traditionally are signed in person at the escrow/title office.

It's not clear whether electronic signing of loan documents is or will be acceptable to lenders and/or county recorders.

But it seems inevitable that's the direction we're headed.





Friday, July 6, 2018

New Listing Market Watch -- Summer downturn has begun

As anticipated, new listings dropped during the past two weeks. New single family home listings were 91 compared to 154 in the previous two week period.  Similarly, new condo listings dropped to 138 compared to 207 in the prior period.

However, compared to a year ago new listings are higher for both single family homes (91 vs 62) and condos (138 vs 96).


As might be expected, the percentage of new listings that went into contract during the same two week period went up slightly to 13% vs 12% during the prior two week period.  For condos the increase was more sizable:  28% vs 15%.


The number of price reductions has remained basically unchanged at 14 for single family homes compared to both the prior period and a year ago.  Similarly for condos the number of price reductions was 30 compared to 37 during the prior period and 31 a year ago.

The full report can be seen at our web site:  www.boldsf.com/Statistics

And, our little hibiscus plant in the front window has been blooming it's head off.