New Listing Watch -- as low as it can go -- or it's up from here

As expected the number of new listings in the last two weeks is at a low point for the year.  There were only 46 new listings (24 single family homes and 22 condos).  During the same two week period a year ago there were 32 new listings (14 single family homes and 18 condos).

As the chart above shows, this is an annual pattern and, if it holds, the next two weeks should see a major jump in new listings (which will include listings previously pulled off the market in advance of the holidays and then relisted in order to reset the number of days on market in the MLS).

What seems a bit unusual this year is the number of buyers still actively in the market.  As shown in the following chart the percentage of new listings that went into contract.

Compared to last year at this time the percentage of single family homes that went into contract is up substantially -- 79% compared to 57% a year ago.  For condos 41% went into contract compared to 50% for the same period last year.

Finally, the number of price reductions in the last two weeks is negligible with only 4 single family homes and 1 condo posting price reductions.  That is essentially the same as last year.

The full report can be found on our web site:

New Listing Watch - post Thanksgiving

This graph tells all.

The number of new listings fell to it's lowest level of the year with a total of only 95 properties, 43 single family homes and 52 condos.  During the same two week period last year the total number of new listings was 147.  The difference is partly explained by the lateness of the Thanksgiving holiday weekend this year.  Last year it was almost two weeks earlier.

The total number of new listings since the beginning of the year so far is 6,921.  For the same period last year the total was 7,050.

The number of price reductions also fell in the last two weeks:  8 single family homes saw new price reductions along with 32 condos.  That's more than a 50% reduction from the prior period.  Compared to a year ago condos were virtually unchanged (32 vs 33) but there were fewer single family home price reductions (8 vs 18).

The number of new listings going into contract fell to 8 for single family homes compared to 18 in the prior period and compared to 8 a year ago.  6 condos went into contract compared to 13 in the prior period and only 2 a year ago.