New Listing Market Watch - yes, the new normal

New listings during the past two weeks are down slightly from the prior two weeks and are less than half compared to a year ago:  134 vs 142 two weeks ago vs  282 a year ago.

This reduction shows most heavily in the condo market where condo listings are only one-third of a year ago (78 vs 165).  Condo listings were down almost 20% compared to the prior two week period (78 vs 94).

Single family homes fared somewhat better.  Compared to a year ago new listings were down just 12% (56 vs 117) and up slightly compared to the prior period (56 vs 48).

Price reductions were down during the past two weeks compared to the prior period (14 vs 22) and compared to the same as a year ago (14 vs 28).  Most of the drop in price reductions happened in the condo sector (7 vs 20 a year ago) and 7 vs 17 compared to the prior period.

It's worth noting that 73 listings came back on the market (BOM): 22 single family homes and 51 condos.  These are a combination of properties which had been placed in a "hold" status on the MLS (temporarily taken off the market) and properties that had been in contract but had failed to close so the property went back to an "active" status in the MLS.

For single family homes more than half (12 of 22) of the BOM listings were previously in contract which were cancelled.  For condos 25% of BOM listings were properties that had been in contract.  75% were listings which had been active but during the past two weeks had been put into "hold" status.

Finally, the number of properties that closed escrow since the first of April through April 19 was 118 (52 single family homes and 66 condos) which is 34% of closings during the same period last year which totaled 345 (140 single family homes and 205 condos).