9/6/2015 - 9/13/2015
As expected, the supply of new listings picked back up after the holiday weekend. 14 new listings hit the market as opposed to just 6 the week prior. This coupled with just 2 pending sales contributed to a significant jump in the total supply of active listings (37 to 49).
Last week the sales to list ratio dipped below 100% for the first time since I started running these reports, and at the time I attributed that mostly to the closing of several stale listings which were probably priced too aggressively. This week, notice that the average sales price and price per square foot are more or less the same as they were the week prior, but the average list price is much lower. This would seem to indicate a change in the behavior of the listing agents moreso than a change in the market. As a result of the lower original list prices, listing agents likely received a lot more buyer interest right off the bat, allowing them to negotiate the price they wanted quicker than agents who priced their homes too aggressively. Average DOM dropped from 30 last week to 15 this week, and sales to list ratio jumped back up about 7%. Again, it seems it was agent behavior that altered the numbers this week rather than market fluctuations.