We are still seeing a lot of new listings this week, but we may be on the decline officially for 2020.
This is the second week in a row that we have had fewer new listings for houses. Typically, we start to see fewer new listings starting late July, but since we had a delayed peak season (thanks COVID!), we are doing everything later this year. We also saw fewer condos come on the market this week when compared to last week. But I don’t think the peak has hit yet for condos.
When it comes to the offer review date (one way to measure how competitive the market is), we are seeing the prevalence of the offer review date drop just a bit. Houses are seeing about 40% of new listings come on the market with an offer review date, and of those homes about 2/3 of them go pending on the offer review date. Condos are a different story. only 13% of condos hit the market with an offer review date, and of those that do have the offer review date, only 1/3 of them go pending on the date.