These final few weeks of the end-of-summer slump are offering pretty boring news. Almost all numbers are holding steady, and we are finally seeing similar numbers not only week to week, but also when compared to this time last year.
Until a few weeks ago, we were seeing double the number of new listings when compared to 2018 and half as many pending listings. We are still seeing 5-10% more new listings this year than last year, and fewer homes pending.
In really interesting news, this was a big week for condos. We saw a few more new listings than last week (but less than we had this time last year), but the number of pending condos jumped up, and therefore so did our absorption rate. Condos are such an emotional roller coaster, because their metrics fluctuate much more often and with a wider swing than single family homes do.
Hang tight. Should be a few more boring weeks and then we can expect activity to pick back up after the Holiday weekend.