Two weeks ago I mentioned that the drop in new listings was consistent for this time of year -- we see it every July/August until post Labor Day. And the number of new listings continues to be lower than a year ago. Although new listings for single family homes remains flat at 102 but condos was a different story with 114 this year compared to 149 last year. In total new listings during this two week period are down 15% compared to last year.
What's even more interesting, the number of these new listings that have gone into contract already is at its lowest level since we've been keeping track. This year just 11 of these listings (2 single family homes and 9 condos) are already in contract compared with 27 (11 single family homes and 16 condos) last year.
So, if you're looking to buy but reluctant to take on all the potential competition, now appears to be as good a time as any in the recent market. Of course this doesn't mean there won't be competition, especially on the most desirable properties -- it's just no likely to be as intense.
See the entire report here: www.boldsf.com/Statistics/index.html