We are still seeing a lot of new listings this week, but we may be on the decline officially for 2020.
This is the second week in a row that we have had fewer new listings for houses. Typically, we start to see fewer new listings starting late July, but since we had a delayed peak season (thanks COVID!), we are doing everything later this year. We also saw fewer condos come on the market this week when compared to last week. But I don’t think the peak has hit yet for condos.
When it comes to the offer review date (one way to measure how competitive the market is), we are seeing the prevalence of the offer review date drop just a bit. Houses are seeing about 40% of new listings come on the market with an offer review date, and of those homes about 2/3 of them go pending on the offer review date. Condos are a different story. only 13% of condos hit the market with an offer review date, and of those that do have the offer review date, only 1/3 of them go pending on the date.
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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!