New Listing Report - new inventory steady and more competition

New listings in the last two weeks were down somewhat compared to the prior period (299 vs. 334) but about the same as a year ago (299 vs 303).  New single family home listings were about the same as the previous period and a year ago.  But new condo listings were down compared to the previous period (170 vs 205) although about the same as a year ago (170 vs 175).

There was a pronounced uptick in the percentage of new listings (both condos and single family homes) going into contract within the same two week period -- 19% of single family homes and 22% of condos -- one of the highest levels we've seen outside of the Christmas/New Years holiday periods.

The number of price reductions of single family homes remained about the same as the previous period (12 vs 13) and a year ago (12 vs 15) but there were noticably fewer condo price reductions compared to the prior period (12 vs 24) and a year ago (12 vs 20).