Monday, August 14, 2017

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.


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