Im not sure what happened but we seem to have lost some of the past data and posts. Anyway time to move on! Lets see if the same things is happening here as in NCC
Slight change of format for the catch up. First new listings by week as compared to last year.
New Listings Week ended:
Jan 10th 1 (7)
Jan 17th 3 (3)
Jan 24th 2 (3)
Jan 31st 5 (3)
4 week total 11 (16)
Thats also a very big drop over what was anemic data last year. Looks like about 1/3rd less just like the NCC. Last year prices exploded with few listings/ huge demand and this year new supply is far less. If there was any doubt there would be a seller’s strike that has been answered here also.
Unless demand falls off a cliff forget about falling prices this Spring!
Now lets look at the demand side:
New Pendings Week ended:
Jan 10th 2 (4)
Jan 17th 5 (2)
Jan 24th 5 (4)
Jan 31st 2 (2)
4 week total 14 (12)
Thats actually more than last year! There is definitely more to buy this year than last year. Back then there was literally under 5 homes each week on the market so that explains some of it. The numbers are much smaller and more prone to being skewed. So its hard to have as much confidence in what im seeing here but it does align with what is going on in NCC. So Im gonna go with the same here
Demand has NOT fallen off a cliff. Not only dont I expect to see prices keep falling I think we are gonna see them take back some of those second half losses! Buyers are back! This is a bit of surprise. And maybe more than a bit
