New Listing Watch - lots more listings

New listings of single family homes during the last two weeks were 30% higher compared to the same period a year ago (184 vs 141).  New listings for condos were at 69% higher than a year ago (300 vs 178).  Compared to the prior two week period new listings for single family homes were up 59% (184 vs 116); new listings for condos were up 60% (300 vs 188).

As is apparent from the graph above, the last two weeks saw the largest number of new listings compared to any two week period in the last six years except for the two week period ending 9/23/2019.

The number of listings that went into contract when down to 13% for single family homes and 8.3% for condos -- not surprising given the number of new listings.

The number of price reductions has doubled compared to the prior period for single family homes (22 vs 11) and almost doubled compared to the same period last year (22 vs 12).  Condo price reductions increased by 67% compared to the prior period (35 vs 21) and by 40% compared to the same period last year (35 vs 25).

Now the question is "will buyers return in the same proportion"?

Stay tuned.

[Edited to correct percentages in the first paragraph. 5/21/20]

New Listing Watch -- back to the old normal?

What a difference two weeks makes, especially when it contains a "modified" shelter-in-place order that loosens previous restrictions on real estate transactions.

Two weeks ago we were reporting new listings down by more than 50% compared to the same period a year ago.  Today's report shows new listings back up to 86% of a year ago (304 vs 384) and more than twice what they were compared to two weeks ago (304 vs 164).

The number of price reductions increased as well:  11 single family homes had their asking price reduced compared to 7 two weeks ago and compared to 7 a year ago;  there were 21 condo price reductions compared to 7 two weeks ago and compared to only 4 a year ago.

We'll have to wait to see if sales keep pace with the increase in listings.  But it's encouraging to see that the number of new listings going into contract held at 26 single family homes compared to 15 two weeks ago and compared to 27 a year ago.  Similarly, 31 condos went into contract compared to just 9 two weeks ago and compared to 41 a year ago.

A full copy of the report can be found at our web site:
www.boldsf.com/Statistics