The Big News is that we continue to see more total homes and condos for sale:
The market is still absorbing about 2/3 of all the new house listing each week, with our number of total houses for sale creeping up by about 15 houses per week, even though we are seeing about 200 new listing each week,
Condos continue to add inventory to an already over saturated market. Last week had 150 new condos come on the market, and only 57 go pending. We are adding roughly 40 total condos each week to the total number of condos for sale. We have not had this many condos for sale since I started tracking this weekly data 5 years ago:
Houses are still selling like hot-cakes, and condos continue to be challenging to sell. The homes that officially sold and closed in the past two weeks have sold, on average, for 105% of list price and condos are selling for an average of 98% of list price. Quite the drastic difference!