Historically the end of April and May produces the largest numbers of new residential home inventory coming onto our market and this year has been no exception. But compared to a comparable 14-day period a year ago new single family homes are down by 22% (47) while condos/TICs are down by 8% (28 homes).
https://boldsf.blogspot.com/2022/05/inventory-increases-sales-lag-price.html
As of May 15 we have about four weeks of available inventory
for single family homes and 11 weeks for condos/TICs.
Total sales continue to lag behind last year which was our
best year since 2004 in the number of closed sales. Single family homes are down 11% and
condos/TICs by almost 20% as of the end of April.
As telling, are the number of price reductions in the last
two weeks. Single family homes saw 32
price reductions and condos/TICs saw 146 price reductions.
With that being said it must be pointed out that as of May 15th there are 126 homes in contract (28 single family homes and 98 condos/TICs). Also there are 492 homes pending (230 single family homes and 262 condos/TICs). That's almost an entire month of average closings. So demand seems to remain strong and consistent.
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