Woohoo! Inventory Is Up

Compared to last year at this time new listings have increased by 15%.  For the two weeks ending February 26 there were 283 new listings compared to 245 a year ago and compared to 278 in the prior 2-week period.

The majority of new listings was single family homes (113 vs 93 a year ago and vs 106 compared to the prior twp-week period.  New condo listings were also up compared to a year ago (170 vs 152) but actually down slightly compared to the previous 2-week period (170 vs 172).

A smaller percentage of new listings went into contract.  9.7% of new listing single family homes went into contract compared to 17.2% a year ago and compared to 15.1% for the prior period.  11.8% of new condo listings went into contract compared to 15.8% a year ago and compared to 15.1% for the prior period.

The number of price reductions held steady compared to the prior period -- 8 single family homes and 20 condos compared to 7 and 18 respectively two weeks ago.  Compared to last year the number of price reductions is the same for single family homes but down compared to condos (20 vs 27).