Peak new listings for the fall year?

For the most part the "new listing" part of the market continues to follow the track set last year.  The number of new listings in the last two weeks is the largest this year and comparable to the same period last year (403 vs 391).

Compared to the previous two week period new listings are up slightly (162 vs 155 single family homes and 241 vs 228 condos).

The percentage of new listings going into contract within the same two week period is up slightly compared to the previous two weeks (8.6% vs 6.5% of single family home new listings and 7.5% vs 6.1% of condo new listings) suggesting that even with a peak of new listings there is still competitive demand.

The number of price reductions is up slightly compared to the previous two week period (17 vs 11 for single family homes and 34 vs 31 for condos).  However, compared to the same period last year the number of price reductions is down (17 vs 21 for single family homes and 34 vs 54 for condos).

If this last year's experience is predictive of the remainder of 2017 the last two weeks will be the peak of new listings for the year with each following two week period showing fewer and fewer new listings until after the first of the new year.

Christmas is only three months away!