Compared to the previous period price reductions of single family homes rose from 27 to 37. Price reductions of condos rose by 75% from 46 to 81. (As a reminder, condos represented in this report are those listed in the MLS and do not include the majority of new construction condos being sold directly by the developer. However, we have seen asking prices for new construction condos drop in some developments and often being accompanied by incentives to both buyer and buyer's agent).
Compared to a year ago price reductions have doubled for single family homes (18 vs 37) and increased by 65% (49 vs 81).
As mentioned above, new listings of both single family homes and condos have fallen compared to the prior two week period (154 vs 189 for single family homes and 229 vs 272 for condos). Although this has been the pattern in previous years, the number of new listings of condos is noticeably higher than a year ago (229 vs 189).
The number of new listings that went into contract in the most recent two week period has fallen by half compared to the prior period and compared to a year ago. For single family homes 9.7% went into contract compared to 11.6% in the prior period and compared to 12.6% a year ago. For condos, 5.2% went into contract compared to 9.6% during the prior period and 11.6% a year ago. 5.2% is the lowest percentage of condos going into contract in the same two week period in the last 12 months.
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