New Listing Market Watch - winding down summer

We continue to follow the well-established summer pattern of low inventory in the July/August summer months.  In the last two weeks only 208 new listings came on the market -- the lowest number since the Christmas/New Year holiday period.  A year ago it was an almost identical 209 new listings for the same period. 

In our report that will be posted on September 9th (a week after Labor Day) we expect to see the usual jump in new listings.  What seems a little different this year is that demand is stronger than last year for single family homes which shows up in the days-on-market figures which are slightly down this year compared to last.  For July average DOM for single family homes was 21 compared to 23 the year before.

The number of price reductions is down significantly compared to a year ago.  Single family homes saw only 9 price reductions in the last two weeks compared to 13 in the same period last year.  SImilarly price reductions for condos was 17 this year vs 20 last year.