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: