New Listing market watch-- condos surge, price reductions increase

The number of new listings to come on the market in the last two weeks continues to increase compared to prior periods and compared to the same time period last year.

Here's another look comparing new listings this year compared to prior years.  It's apparent that the number of new listings of condos is (and has been for the past few weeks) substantially higher than any of the past 5 years.  New listings of single family homes has been mostly in the same range as prior years.

For the past six weeks (three two-week periods) new listings have significantly surpassed the same periods a year ago.  The majority of these new listings have been in the condo market.

There were 160 new listings of single family homes in the last two weeks compared to 156 in the prior period and compared to 127 during the same period a year ago.  There were 310 new listings of condos compared to 277 in the  prior period and compared to 196 a year ago.

Overall, total new listings (single family and condos) were up 46% compared to a year ago.

At the same time, price reductions are up.

The number of new listings in contract has remained steady.  During the past two weeks 32 single family homes went into contract compared to 31 in the prior period and compared to 21 a year ago.  For condos, 36 went into contract compared to 32 in the prior period and compared to 34 a year ago.