The number of new residential listings that entered the MLS® system grew again, largely driven by the re-listing of a large number of expired listings that came off of the system last week, and a bunch of canceled listings that left and then returned with a new price. Across the week, 195 properties were were added to the multiple listing service®, up eight from the previous week, handily topping totals from the same week last yearwhen 167 new listings were added.
The database of active residential real estate listings saw its largest increase in eight weeks time as it spiked higher from 1575 last week to 1652 today. That total puts the current inventory ahead of levels recorded at this time last year by 370 homes, leaving it at its highest point since August of 2008. Single-family homes inventory rose to 887, up from 734 a year ago. Condos are now sitting at 571, ahead of last year’s numbers by 153 units.
Sales above the five hundred thousand dollar mark were weak once again. The weekly median price slipped $1,000 from last week to $330,000 as a result. The average price fell lower for the second week in row to $327,379. The six-week average price continued to trend lower as it slid about twelve hundred bucks from last week to $352,168 and finished the week just a few hundred dollars softer than it was a year ago. The four-week median price stayed stable on a weekly basis to close at $330,000 for an annual loss of a bit more than $8,000.
Even with sales activity that was pretty tepid, five buyers offered to pay above list price for their new home with an average overbid of $3,280. Meanwhile, the 59 deals that closed below the seller’s asking price recorded an average discount of $10,841. Another six buyers paid full price to close their purchase.
Other notable real estate activity this past week included 47 cancelled and withdrawn listings (42 and five respectively), 11 expired listings and 62 price changes.
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Norm Fisher
Royal LePage Vidorra