New Listing Watch -- last for this year

We've about reached the low point of the year for listings. 

Following the usual pattern for this time of year the number of new listings for the past two weeks is at its lowest level except for the first week of January.  Total new listings of 98 is well below the previous two week period of 141 but slightly higher than last year at this time (80).

Conversely, the percentage of new listings going into contract during the same two week period is at its highest point except for the beginning of January (12 of the 37 single family homes or 32% and 15 of 61 condos or 25%).

The number of price reductions is down from the previous period (1 single family home and 10 condos) and down compared to the same period last year (11 single family homes and 20 condos).

Unusual Number of Below Asking Sales?

Naturally we keep close track of listings and sales around our two office locations -- 1715 Polk St. and 2324 Market St. -- and we post a list of sales in our office windows each month.  Here are the posters:

Market St. neighborhoods

Polk St. neighborhoods

There was something unusual that caught my eye in the November sales lists.  The percentage of listings that sold for under asking in the neighborhoods around Polk St. was approximately double around the Market St. office:  38% vs 14%.  (11 of 29 for Polk St. vs 5 of 35 at Market St.

I haven't gone back to check (I will and I'll update this post) but this seems an unusual situation from two perspectives.  First, we're used to most listings selling for over asking -- this is a city-wide phenomenon.  And more locally, although the total number of sales around each office varies from month-to-month, there are usually only a small number that sell for under asking.  Having more than a third of listings sell for under asking around the Polk St. office is very unusual.

Bi-weekly New Listing Watch

Not surprisingly, the number of new listings during the past two weeks is down compared to the prior period (141 compared to 168) although up a little compared to the same period a year ago (141 compared to 130). 

There was an uptick in new listings which went into contract in the same two week period -- 13% of single family homes new listings and 21% of condo new listings.  During the prior two week period only 3% of single family homes and 12% of condo new listings went into contract. 

There were only 5 price reductions of single family homes and 18 condo price reductions during the past two weeks compared to 12 and 37 during the prior two week period and compared to 10 and 19 a year ago.

The downward trend for new listings should continue through the New Year and then begin to pick up starting the second week of January.