New Listing Watch -- more signs of change

We just concluded our survey of new listings for the past two weeks.  Here are the highlights:

• 17% more new listings than the same period a year ago
• almost 3x the number of single family home price reductions than a year ago 
• 50% more condo price reductions than a year ago
• the number of new listings of single family homes that went into contract within the same two-week period fell from 13% a year ago to 10% this year
• the number of new listings of condos that went into contract within the same two-week period fell from 28% to just 6% this year

At the time of year when the number of new listings should be trending down, we're seeing new listings every two weeks since Labor Day higher than during the same period for the last four years.

.

Simultaneously we're seeing higher rates of price reductions than we have during the last four years.

Finally, the percentage of new listings going into contract in the same two-week period is down substantially for condos but also to a lesser extent for single family homes compared to the same period a year ago.

Our full report can be found at our web site:
http://www.boldsf.com/Statistics%20test/Statistics.html