New Listing Market Watch - price reductions up

New listings during the past two weeks declined compared to the prior period (351 vs 403) but all of that decline was in the condo sector (197 vs 264).  The number of single family homes new listings increased (154 vs 139).  We expect to see new listings decline steadily between now and the new year -- it happens every year.

The number of price reductions is up compared to the prior two week period -- 41 single family home price reductions vs 31 two weeks ago; 95 condo price reductions vs 73 two weeks ago. Compared to a year ago condo price reductions are up (95 vs 80) and single family home price reductions are down (41 vs 49). 

The percentage of new listings that went into contract during the past two weeks ticked up compared to the prior period -- 14.3% vs 12.9% for single family homes and 11.2% vs 11.0% for condos.  This is significantly higher than a year ago -- 14.3% vs 9.8% for single family homes and 11.2% vs 6.2% for condos.

After the usual initial increase of new inventory following Labor Day, the number of new listings usually begins to fall off through the remainder of the year.  2019 is following that same trend.  Month over month new inventory has fallen by over 21% which is a bigger decline compared to last year which was only 3%. Combined single family homes and condos inventory is down 6%.