New Listing Watch - Summer doldrums continue, part 2

Not a lot has changed during the last two weeks which, if history is predictive, should be the last of the summer doldrums.  The number of new single family home listings is down slightly from the previous two-week period (79 vs 92) and compared to a year ago (79 vs 101).  The number of new condo listings is actually up compared to the prior two-week period (122 vs 108) and is the same as a year ago (122 vs 122).

But, as the graph above illustrates, we should expect to see significant increases in the number of new listings for both condos and single family homes by our next report in two weeks following the Labor Day weekend.

The percentage of new listings going into contract is also about the same as it was for the prior two week period (6.3% vs 4.3% for single family homes; and 4.1% vs 2.8% for condos).  However, for the same period a year ago those percentages were 12,9% and 14.8%.  

The number of price reductions is almost the same as the prior two-week period (5 vs 4 for single family homes; and 21 vs 29 for condos).  A year ago those numbers were much higher:  20 and 24 respectively).