Friday, August 12, 2022 / by Bryan Baylon
For reasons that are not clear to me, a handful of brokerages have been cancelling listings in bulk and then re-listing the same information with a new MLS number over the past 6 weeks. This increases the number of cancelled listings, reducing the listing success rate and also makes the number of new listings higher. The practice has added about 8 to 10% to the cancel count and added about 1.5% to the new listings count. Since cancelling and re-listing does not reduce the days on market, I am wondering what the motivation is. Statistically, it makes the market look a bit weaker than it actually is. However the numbers are not large enough to make the distortion too serious for the overall market. However, the specific brokerages involved will have unusually poor listing success rates.
Market insights provided by The Cromford Report.