Here's a summary of changes since our last report:
- Fewer new listings than two weeks ago (325 vs 366)
- Somewhat more new listings than a year ago (325 vs 300)
- About the same percentage of new listings going into contract as two weeks ago (10.4% vs 9.8% single family homes and 10.0% vs 12.9% condos)
- Fewer price reductions of single family homes compared to two weeks ago (22 vs 32) and almost the same number of price reductions of condos (46 vs 45). Compared to last year there were substantially more price reductions of condos (46 vs 17).
Below is a graph comparing new listings during 2015 compared to the first five months this year.
You can see that the 2016 new listings have mostly followed the same profile as last year until May (periods 9 and 10) when 2016 new listings grew more than they did in 2015. It looks like the usual downturn in number of new listings we see in the July and August time frame has started a bit early this year.