Tuesday - who's ready for some 416 Active Listings?
First up, Condos. Added 179 listings in the last week (⬆️3.0%). Slower growth than last 2 weeks. We're going to have a new record at the end of the month (for any month). Of course, way more condos built now than 25 yrs ago. /1
Last year, condos peaked the week before this one and then declined each week until January. Not sure when active listings are going to stop growing this time. At least it's slowing down a little. Added 179 last week. Average for 19 weeks preceding was +200. /2
Freeholds added 52 this week (⬆️1.9%). Still 84 below what was at this time last year (while Condos more than double). Houses normally decline now through end of year except for slight bump after Thanksgiving. Can see is less "fresh" listings here than couple weeks ago. /3
Share of listings on Price Change continues to climb for Condos. I look at that as a sign of weakness. Another new high in the 3 years I've been tracking weekly. /4
Here's your overall chart - with condos breaking through the 6000 barrier, and freeholds a little less than last two years at this time. /5
And finally, MOI.
👉Freeholds holding steady last 3 wks. Actually has been slightly improving, with growth of sales bit more than growth in listings.
👉Condos sales falling since peak 3 wks ago and inventory still rising. Only worse weeks were 3 at end Apr / beginning May. /6
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