We Have a BIG First This Week
For the first time since I started keeping track years ago, we saw fewer new listings this week than we did during this same week last year. If you recall what was happening this time last year, we were seeing a record number of new listings hitting the market week after week after week.
To be fair, this week last year was the largest number of new listings we had recorded in one week since 2012. It was a banner week, and pretty much the week that started the rapid decline in number of pending and sold homes. The week before and the week after saw 307 and 247 respectively, so maybe this week is just a historically popular week for new home listings.
Condos stayed flat. Fewer new listings, about the same number of pending listings and a slight dip in the absorption rate. What is note worthy is that we continue to see an increase in the number of available condos for sale, while the condos that we do have for sale continue to have more and more time on market. 60% of all the condos on the market have been for sale for over 30 days. That is too many Crusty Rusties!