New listings are starting to accelerate and we saw 2,474 added over the last week, only 1.5% fewer than in 2014 and 10.3% higher than in 2013. The year to date total is 6,827 and this is now 2.6% higher than in 2013 at this time, having been 1.3% lower a week ago.
As a result the Cromford® Supply Index is coming out of its slide from 88 down to 83 and looks unlikely to fall below 82. Meanwhile the Cromford® Demand Index remains stubbornly below 83 and the slight momentum gained in December has dissipated again.
Overall the balance in the market remains close to neutral, although some locations are buyer’s markets where supply significantly exceeds demand and other are seller’s markets where demand significantly exceeds supply.
Average days on market for closed sales continues to creep up and currently reads 91 for all areas & types. This time last year it was 74 and based on the usual seasonal pattern we anticipate it could exceed 100 during February. This is not a good sign for sellers as the long term average is 80 with a maximum of 140 (2008) and a minimum of 25 (2005).