Weekly Market Update: August 3rd through August 9th

This Week’s Stats

New Listings: 209 ↑ (193 last week)
Pending Sales: 164 ↓ (195 last week)
Sold Homes: 123 ↓ (159 last week)
Price Reductions: 220 ↑ (206 last week)

Weekly Trend Overview

This week’s numbers tell a pretty clear late summer story.

New inventory ticked back up, with 209 new listings, an increase of about 8% from last week. At the same time, buyer activity cooled, with pending sales dropping from 195 to 164.

Closed sales also fell fairly sharply, down from 159 to 123. Closings tend to reflect contracts written several weeks earlier, so that number gives us another indication that the summer market has been moving at a slower pace.

The number that continues to stand out is price reductions. We had 220 reductions compared with 209 new listings this week. In other words, more sellers adjusted their price than new sellers entered the market.

What This Means for You

For Buyers:
There are opportunities right now. More homes are requiring price adjustments, competition isn’t nearly as intense across the board, and buyers may have more negotiating room than they did earlier in the year. The best homes can still move quickly, but buyers don’t necessarily have to approach every listing like it’s a multiple offer situation.

For Sellers:
The market is giving us a pretty strong reminder that pricing matters. With pending sales down and reductions up, buyers are being selective. Homes that are priced appropriately and show well can absolutely sell, but the market isn’t giving much grace to listings that start too high.

The takeaway: This isn’t a dead market. It’s a more selective one. Buyers have choices, and sellers have to compete for their attention.