The number of new listings in the last two weeks eased off from recent highs in the prior six weeks although still above 500 at 524 compared to the prior two week period (553). Compared to the same period last year (441) new listings were almost 20% higher.
The bulk of new listings continue to be in the condo market. During the prior two weeks 339 new listings were added compared to 362 in the prior period and compared to 267 a year ago. There were 185 new listings of single family homes compared to 191 in the prior period and compared to 174 a year ago.
In comparison, 28 single family homes went into contract and 97 changed status to "pending". Similarly, 59 condos went into contract and 103 went into pending status.
Similarly, the number of price reductions fell below the records set during the last six weeks.
And again condos led the way with 149 price reductions compared to 167 in the prior period and compared to 22 a year ago. Single family homes posted 34 price reductions compared to 48 in the prior period and compared to just 9 a year ago.
Since virtually all of this took place prior to Labor Day we'll be watching closely to see what happens in the next two weeks which, in a normal year, there would be a jump in new listings following the holiday.
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