From Our Office Chief Market Analyst;
So the hotsheet search function in MLS only goes back a maximum of 30 days, so below is an estimated snapshot of year over year changes in new listings coming on market and price reductions through 10/30/18 – which means these percentages will increase by some small amount once today’s data is included.
I will look at these and other stats – median prices, active inventory, days on market, and so on – for the full month of October once MLS and other data resources have time to report complete data for monthly activity.
Per the below table: If the comparison with October 2017 was totally out of whack, because the market started going crazy last autumn, then I also put in a comparison with October 2016 – which was a time of market uncertainty (financial market volatility) and certainly not as hot as either 2017 or 2015. For example, Santa Clara County was probably the hottest market in the country last year, which makes the year over year change staggeringly high for price reductions. It’s still high compared to October 2016, but there’s a big difference between a 517% increase and a 78% increase. If there wasn’t a big difference between 2016 and 2017 data, then I just used the comparison with last year.