New Listing Watch - strong market indicators

The number of new listings is up during the past two weeks compared to the previous period (128 new single family home listings vs 106 two weeks ago and 175 vs 132 new condo listings).  However, this increase is somewhat lower than a year ago.  In total there were 303 new listings compared to 238 two weeks ago and compared to 329 a year ago.

Of those new listings a much higher percentage went into contract during the same period (19% of new single family home listings and 15% of new condo listings compared to 6% and 6% for the prior period.  It's also higher than the same period a year ago (12% and 11%).

The number of price reductions during the last two weeks compared to the prior period was flat for single family homes (15 vs 13) and down for condos (20 vs 24).  Compared to the same period a year ago the number of price reductions was down significantly (15 vs 20 for single family homes and 20 vs 34 for condos).