New residential listings (553) continue to vastly outpace new listings in the same two-week time period a year ago (207). It continues the trend we've seen over the past five two-week periods.
65% of new listings were condos. Compared to the previous period new condo listings were down slightly (362 vs 391). New condo listings were three times what there were in the same period a year ago (363 vs 122).
New listings of single family homes were up compared to the prior period (191 vs 171) and more than double compared to the same period a year ago (191 vs 85).
Historically, August would see a drop off of new listings with sellers and listing agents holding off until after Labor Day.
The number of single family home listings that went into contract in the last two weeks as a percentage of new listings is down to 14.7%. That's the lowest it's been in 14 weeks but it's well above the same period a year ago (14.7% vs 11.8%).
For condos the percentage is even lower at 9.4%. That's up slightly compared to the prior period (9.4% vs 7.9%) but only half of what it was a year ago (9.4% vs 20.5%).
Price reductions remain at historic highs led almost entirely by condos. There were 48 single family homes posting price reductions in the last two weeks compared to 40 in the prior period and compared to only 8 during the same period a year ago. Condos posted 167 price reductions compared to 170 in the prior period and only 19 a year ago.
Overall the number of single family homes that closed escrow in the last two weeks is up approximately 12% compared to a year ago (87 vs 78). For condos the number of closings is off by 12% (85 vs 97).
