For the week ending September 4, New Listings were nearly even with last year, down just one home to 230 units added to the market. Firm Sales fell back below 2009 levels by 24.6 percent with 101 units sold. This mix pulled the Ratio of Firm Sales to New Listings down 24.3 percent.
The 2,598 Active Listings for Sale represented a 13.2 percent increase over last year, but overall inventory has been trending down over the past few weeks. The three-month average shows inventory is 6.5 percent higher than the same time period a year ago.
More choices means longer market times which was reflected in an increase in the Days on Market Until Sale metric, which rose to 45 days. (Due to rounding of decimal points, this number looks the same year over year.) The market looks steady for the time being, but the increase in inventory and slowdown in buyer activity will be trends to watch as we move through autumn.