New Listing Market Watch -- summer doldrums, kinda

New listings for the past two weeks are about the same as this period last year (239 vs. 229) and the number of listings going into contract is similarly similar to last year (32 vs 32).

This is traditionally the time of year when new listings drop until after the Labor Day holiday.

However, the number of price reductions is several times what it was a year ago.  During the past two weeks there were 28 price reductions of single family homes compared to 9 for the same period last year.  For condos, the numbers 42 vs 12.

The vast majority of these price reductions were for properties originally priced at over $1million.