Listings eased off in February as so many Sellers rushed to get their homes listed before the Chinese New Year rush. Compared to Feb/2011 Listings of West Side houses were actually -11% while both condos and mutifamily were up slightly from a year ago. Sales on the other hand were down across the board at -27% for houses, -20% for condos, -39% for multifamily.
There is no sense of urgency on the part of Buyers with so many listings to choose from and no pressure from lenders as mortgage rates remain low.
Listings of single family homes on the West Side were up 60% in January vs January/11 in anticipation of the Chinese New Year visitors-sales were down 36% from last year. The big question is "are the Mainland Chinese Buyers coming in the same numbers this year?" Many say no as it gets more difficult to get money out of China & most who could, have. Sales of lot value homes are strongest.