New Listing Market Watch - record number of new listings (condos) and price reductions (condos)

The headline is the story.  In the last two weeks there were 333 new listings of condos, a record for the seven years we've been keeping track.  (As a reminder, these are almost entirely resale properties as reported on the MLS.  New construction condos being sold by the developer are not included except for a handful that some developers put on the MLS essentially as advertising.  Also not included would be any off-market sales.)

In each of the last four 2-week periods (covering two months) we have had 300 or more new condo listings except for one period when there were "only" 277. 

The latest two week period of 333 compares to 310 the prior period and compares to 128 a year ago.

We had 187 new listings of single family homes compared to 160 the prior period and compared to 108 a year ago. 

So it won't come as much of a surprise that we also had 101 price reductions on condos during the past two weeks compared to 84 in the prior period and compared to 84 and 64 in the prior two periods.  A year ago we had 32.

There was also an increase in the number of price reductions of single family homes:  43 compared to 33 in the prior period and compared to 20 a year ago.

The number of properties that went into contract in the last two weeks held steady for both single family homes and condos.  29 single family homes went into contract compared to 32 in the prior period and compared to 20 a year ago.  36 condos compared to 36 in the prior period and compared to 32 a year ago. 

Expressed as a percentage, here's a graph showing number of properties going into contract as a percentage of the number of new listings.

And finally, just to drive the point home, here is a graph showing new listings in two week increments over the past five years.  It's a little busy but it's easy to see how out of the normal range condo listings have been recently.