New listings of single family homes and condos over the past two week held steady compared to previous two-week periods.
However, the percentage of them that went into contract within that same time period has dropped -- and in the case of single family homes, it hasn't been this low since last September.
It's the second report in a row where the percentage of homes going into contract within two week of initial listing has dropped.
Another interesting tidbit in the numbers: 9.4% of the new condo listings also posted a price reduction within two weeks of listing. That's the highest percentage of two-week price reductions of condos we've seen since since the Christmas holidays.
We're talking about listings in the San Francisco MLS. As such they do not include private sales that do not involve a broker representing the seller, nor do they include some/most new construction condos since most developers list only a handful of examples of their units. This allows them to keep close control over the speed at which units are seller and sales prices.