New listings in the last two weeks reached a low for the year of just 32 (14 single family homes and 18 condos). A year ago the total was 48 with condos comprising most of the difference.
But to put those numbers in perspective, during the same two week period there were 103 listings withdrawn from the MLS (36 single family homes and 67 condos). Bear in mind that most listings with a recent "withdrawn" status are still available for sale and we expect to see most of them come back to the market with an "active" status in January -- if the seller and listing agent wait thirty days the "new" listing will show a "0" days on market.
The number of new listings in the last two weeks that went into contract during the same period were 8 single family homes and 9 condos, roughly 50% of the new listings which suggests even in the peak holiday season there were still buyers out there ready/anxious to make an offer.
There were very few price reductions -- just 1 single family home and 3 condos which is almost identical to a year ago (1 and 6 respectively).
If the last five years are any guide, our next report on January 14 will see a strong uptick in new listings. (Past performance is no guarantee of future results, but we've seen this same cycle repeat over and over during all kinds of markets.
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