New Listing Watch - lots more listings

New listings of single family homes during the last two weeks were 30% higher compared to the same period a year ago (184 vs 141).  New listings for condos were at 69% higher than a year ago (300 vs 178).  Compared to the prior two week period new listings for single family homes were up 59% (184 vs 116); new listings for condos were up 60% (300 vs 188).

As is apparent from the graph above, the last two weeks saw the largest number of new listings compared to any two week period in the last six years except for the two week period ending 9/23/2019.

The number of listings that went into contract when down to 13% for single family homes and 8.3% for condos -- not surprising given the number of new listings.

The number of price reductions has doubled compared to the prior period for single family homes (22 vs 11) and almost doubled compared to the same period last year (22 vs 12).  Condo price reductions increased by 67% compared to the prior period (35 vs 21) and by 40% compared to the same period last year (35 vs 25).

Now the question is "will buyers return in the same proportion"?

Stay tuned.

[Edited to correct percentages in the first paragraph. 5/21/20]