New Listing Watch - Summer doldrums continue, part 2

Not a lot has changed during the last two weeks which, if history is predictive, should be the last of the summer doldrums.  The number of new single family home listings is down slightly from the previous two-week period (79 vs 92) and compared to a year ago (79 vs 101).  The number of new condo listings is actually up compared to the prior two-week period (122 vs 108) and is the same as a year ago (122 vs 122).

But, as the graph above illustrates, we should expect to see significant increases in the number of new listings for both condos and single family homes by our next report in two weeks following the Labor Day weekend.

The percentage of new listings going into contract is also about the same as it was for the prior two week period (6.3% vs 4.3% for single family homes; and 4.1% vs 2.8% for condos).  However, for the same period a year ago those percentages were 12,9% and 14.8%.  

The number of price reductions is almost the same as the prior two-week period (5 vs 4 for single family homes; and 21 vs 29 for condos).  A year ago those numbers were much higher:  20 and 24 respectively).

New Listing Watch - Summer doldrums continue

Still in the middle of "summer" doldrums, new listings for the last two weeks totaled 200, approximately the same as the previous period and the same period a year ago (219 and 219 respectively.  If the usual annual trends hold true this year, we'll begin seeing an increase in new listings the week following Labor day.

Along with fewer new listings coming on the market, it's not surprising that the number of new listings going into contract is also at a low level for both single family homes and condos (4.3% and 2.8% respectively).  These levels are evening lower than the previous period (9.3% and 17.1%) but about the same as a year ago (4.4% and 4.7%).

Finally, the number of price reductions (4) is down for single family homes compared to the previous period and compared to a year ago (16 and 22 respectively).  It's a mixed picture for condo price reductions which saw 29 price reductions during the past two weeks compared to 16 during the previous period and compared to 33 a year ago.