Market Update September 22, 2013
September 22 – Looking at the weekly active listing chart we can see that the current upward trend is the strongest we have experienced for this time of year since 2005. In 2005 we had a huge flood of new listings to drive the active listing count up. We do not have that today. New listing counts are relatively week. Year to date they are only 2% higher than 2012 which was a record low for this millennium. It is the lack of demand that is driving active listing counts up. Active listings are going pending much more slowly than in the first half of the year, so they remain pending for much longer.
The current softening of the market is being caused by a sudden drop in demand rather than an excess of supply.